Rory Percival from the Investment Intermediaries department of the Financial Services Authority has said value for money is not a key focus of the FSA's thematic reviews.
Mr Percival was taking part in a panel session on regulatory considerations for DFM outsourcing as part of the Defaqto DFM conference, taking place at the Business Design Centre in London today.
The FSA is carrying out a series of thematic reviews of three six-month periods on RDR implementation and adviser charging.
He was asked a question by a delegate during a panel session on whether the FSA review would be looking at value for money as part of these reviews.
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Mr Percival said: "The only person who can judge whether something is value for money is the client. They need to be clear about what they will get and how much it will cost and this needs to be disclosed by the adviser.
"Disclosure then becomes pre-eminently important and we will be looking at whether it is clear and the clients will understand it."
Mr Percival said the reason the FSA was carrying out a review of adviser charging and RDR-implementation so soon after the RDR was implemented was to find good and poor practices among firms.

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