The financial services industry should use the public's interest as the test of any reformed qualifications and designation sets, according to a debate yesterday.
The panel agreed during the debate, hosted by financial services professional standards group CII and the Financial Services Skills Council (FSSC), the public must have a better understanding of adviser labeling. It says the FSA must clarify labeling for the RDR before it can make further progress.
Sandy Scott, chief executive of CII, says: "One of the key factors arising from the retail distribution review (RDR) process is the need to clarify the qualifications and designations structure of the profession. This will provide clarity to the customer."
The panel also says the industry must place transparency at the heart of future qualifications and designations use and support each designation. It says the industry must support each title with a qualification to avoid different bodies using multiple titles for the same qualification.
The panel will meet again in the New Year to discuss in more detail the concept of a practising certificate as one possible solution.
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