Liz Budhram Consumer education is key to success of proposed changes The South African financial services sector is undergoing major changes as the industry prepares for the introduction of the Financial Services Board’s Retail Distribution Review (RDR). However, many consumers – the primary intended beneficiaries of the regulatory overhaul – remain largely unaware of what RDR is and how it will impact them once implemented. The Financial Services Board (FSB) noted in its most recent status update that consumer education will be essential for RDR to achieve its objectives. Lizl Budhram, Head of Advice at Old Mutual Personal Finance, says that while implementation of RDR will be gradual, it is important that consumers take heed of the changing environment to ensure they are equipped to achieve the best outcome available to them in the future. “For consumers, the greatest change triggered by RDR will be the clear demarcation of fees for financial products and financial advice. ...