6th December 2010

ODE to RDR

IFA letter of the week

In the Beginning was the Plan
And then came The Assumptions
And the Assumptions were without form
And the Plan was completely without substance
And the darkness was upon the face of the IFA
And they spoke unto their Compliance Officers saying:
"It is a croc of ***t and stinketh".
And the Compliance Officers, went to their managers and their managers went to their directors
And the directors went to the PFS, AIFA, ABI, FSA and sayeth unto them:
It is a container of excrement and it is very strong such that none may abide by it".
And the the PFS, AIFA, ABI, FSA sayeth:
"It contains that which aids growth and it is very strong".
And after consultation with themselves the AIFA, the PFS, the ABI sayeth:
"It promotheth growth and education is very powerful".
And the CII sayeth: "It promotheth CII growth and fees and is very good"
And the Regulators sayeth to them:
"This powerful new RDR scheme will actively promote work for the FSA business for the banks and all that is good.".
And the Chairman of the FSA looked upon The plan and saw that it was Good
And The Plan became Policy and named The Retail Distribution Review.

But the IFA says it is a croc of ***t and stinketh".
And MPs are saying it is a real croc of ***t and stinketh so much it must be removed
And Mark Hoban MP is saying: "It is a pleasant smell it is the IFA that stinketh".

FEEL FREE TO USE THE ODE TO RDR

SIMON MANSELL
TEMPLE BAR IFA LTD

FSA/FCA, Adviser Letter of the Week, RDR