| UK's Retail Distribution Review (RDR) Part 1 |
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| Written by Wilfred Ling | ||||||
| Saturday, 10 January 2009 | ||||||
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The UK's Financial Services Authority (FSA) first publish a consultation document in June 2007 named Retail Distribution Review (RDR). That document seeks to introduce new regulations and rules in the marketplace with regard to addressing some market "failures." Since then, there has been numerious responses. I took a look at the original document and was pleasantly surprised to see the problems faced in UK were exactly the same in Singapore. The difference is that the FSA is taking steps to address it while MAS cannot be bothered (e.g. when investors were misrepresented into investing in so-called "safe" products, MAS just appoint "3rd parties" and tai-ji their responsibilities away). It is time that MAS learn a thing or two from their counterparts and help Singapore move on. The original document can be downloaded here but I would like to reproduce one section of it in my blog which is: What are these market "failures"? If I didn't tell you that the following is an extract from the FSA document listing the problems in the UK financial services, you'll think it is a description of Singapore: 
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