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AIC welcomes FCA’s Retail Distribution Review call for input

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1 May 2019

The Association of Investment Companies has welcomed the FCA’s call for input in evaluating the Retail Distribution Review (RDR).

The Association of Investment Companies (AIC) has welcomed the FCA’s call for input in evaluating the Retail Distribution Review (RDR).

The FCA’s document, Evaluation of the Retail Distribution Review and the Financial Advice Market Review, published today, seeks feedback to assess how effective RDR has been. RDR, which took effect in 2012, sought to improve the distribution of financial services products to retail investors and establish a more effective retail investment market.

Ian Sayers, Chief Executive of the Association of Investment Companies (AIC), said: “We welcome the FCA’s call for input in evaluating RDR. The changes RDR put in place were a significant step in the right direction to improve financial advice to retail investors. Purchases of investment companies by advisers and wealth managers on adviser platforms have increased five-fold since RDR, from £219m in 2012 to nearly a billion in 2018.

“However, there’s still more work to be done. The majority of advisors are not recommending investment companies to their clients despite investment companies’ many benefits. We look forward to continuing to work with the FCA and contributing to the call for input.”


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  1. The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment.  Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 359 members and the industry has total assets of approximately £189 billion.
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