The head of Informed Choice says the FSA's imposition of a 30-month qualification deadline is "perfectly reasonable" and brings a sense of clarity for advisers.
In today's CP10/12 Competence and ethics paper, the regulator announced plans to impose a 30 month deadline for individuals to complete all modules of qualifications in a toughening up of its training and competence regime.
Informed Choice MD Martin Bamford has welcomed the FSA's new time-line.
"I think it is a perfectly reasonable timescale - we wanted clarity and certainty and the plans deliver this," he says.
"The FSA is saying new advisers have to get their act together in 30 months and this is a timescale for advisers who are serious about gaining qualifications. The timeline makes it simple to understand and brings certainty."
"Furthermore, this is no shock - we have known for years this will be a requirement."
Bamford says the new rules will apply to an adviser who joined Informed Choice in February.
"He will now have 30 months from the end of the year to get to diploma level," he says. "I've spoken to him and he feels he now has a sense of certainty and feels very confident."
The FSA also announced plans to review non-RDR related exams standards in areas including mortgages, insurance and corporate finance, as part of wider proposals to tackle ‘competence failings' found in some firms.
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