The ABI is calling on the FSA to provide more clarity on how a 'simplified advice' process would work post RDR and in particular the level of qualifications needed for the distribution stream.
In its reponse to the FSA's RDR Consultation Paper, the trade body warns consumer access to advice could be reduced if the financial services industry adopts all of the changes in the RDR. It says its own "simplified advice process" targets a large group of people in danger of being failed by the FSA because they fall through gaps in the current proposals on cost and complexity of advice grounds. However, uncertainty about how 'simplified advice' would be judged by the FSA and the FOS, and current FSA proposals requiring everyone applying the process to be qualified to QCF Level 4, ar...
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