The RDR qualifications deadline is a "guillotine" on the careers of advisers and the FSA should be flexible on its implementation, AIFA director general Stephen Gay told MPs last night.
Under the rule change, advisers must achieve a recognised QCF Level 4 qualification by 1 January 2013. Those who do not will be banned from giving advice until they reach the new minimum standard. Last night, Gay told MPs on the All Party Parliamentary Group on Insurance and Financial Services, that he hopes and expects the FSA to show some "latitude" on the timeframe. He wants reassurances from the regulator it will take a "reasonable" attitude to those who do not meet the deadline. "The point is, are advisers committing to the journey? If they are is there any purpose served by d...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
