PFS CEO Tim Eadon says providing a professional service as outlined in the RDR is not all about gaining ever higher levels of qualifications.
Writing to PFS members in the association's magazine, Eadon says: “Of course, qualifications are crucially important, and it is gratifying that so many individuals are striving to reach Chartered status.
But not everyone wants to take the Chartered route, and that is perfectly right and proper. We want to see an active, vibrant and varied advice market that values the input of all professionals.
“The focus is therefore on core competence, standards of behaviour and high-quality service provision,” he says.
Eadon says he is concerned about the general level of awareness of the Retail Distribution Review (RDR) and the impact it could have on IFAs' businesses.
During July and August, he spent time touring the UK meeting PFS members on a series of roadshows. These included presentations by the FSA on the scope and potential impact of the RDR and Eadon felt some advisers were waking up to the reality of the changes it could bring for the first time.
Eadon says: “It is impossible to overstate just how serious the implications of the RDR will be for each and every member of the PFS. We need to raise levels of awareness pronto.”
Eadon explains the role of the PFS during the RDR debate will be to provide information to members, act as a ‘clearing house’ for advisers’ opinions on the review and to influence the debate whenever and wherever it can.
He adds: "There are a number of negative sentiments being expressed about the RDR and its potential effect on the advice sector, but we remain positive. it is an opportunity for the cream of the profession to rise to the top."
To view the PFS’s RDR summary, ‘Guiding the Profession on RDR’, go to www.thepfs.org/rdr.IFAonline
Three years at Wells Fargo
Effective from 9 December 2019
One firm with permission suspensions left
Continuing the Architas education series for clients.
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