Advisers are now largely clear on what they need to do to meet the requirements of the Retail Distribution Review (RDR) from 1 January 2013. However, there are still a few queries arising, particularly regarding less conventional scenarios. The Personal Finance Society (PFS) has put together a definitive guide designed to answer any questions advisers may still have...
Q: What exactly are the rules? A: The RDR includes a requirement for advisers to raise their knowledge levels from the current benchmark Qualifications and Credit Framework (QCF), (or equivalent) Level 3 qualification, commonly the Financial Planning Certificate (FPC) or Certificate in Financial Planning (equivalent to A Level), to a Level 4 Diploma qualification (equivalent to the 1st year of a degree). On behalf of the FSA, the Financial Services Skills Council (now the Financial Skills Partnership), created new Appropriate Exam Standards (AES). These standards define the knowledge t...
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