The FSA's Examination Framework for Retail Financial Services (Investment Advice Strand 1), also kno...
The FSA's Examination Framework for Retail Financial Services (Investment Advice Strand 1), also known as CP157, contains a significant amount of data in its appendices.
Thankfully, the FSA has also included a schematic of its intended modular regime for maintaining and improving professional competencies of advisers.
The schematic, shown below, includes the proposed modules that CP157 says will address the concerns expressed during its consultations leading up to the paper's publication.
Advisers, industry associations and other bodies have until March next year to provide further feedback on the proposals before the publication by the third quarter next year of the next consultation paper including feedback.
This opens the possibility of existing proposals for modules being altered, or for modules to be withdrawn or replaced with others.
Many questions remain, such as how the examinations of modules will be carried out, and how the quality of the examination process will be maintained.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected