Harriett Baldwin MP: FSA has handed advantage to banks

Laura Miller
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The FSA's refusal to extend the timetable for meeting its professionalism rules, published today, hands a competitive advantage to large firms and banks, says Harriett Baldwin MP.

Baldwin has been lobbying in Parliament on behalf of IFAs who say they need more time to meet the new QCF Level 4 requirement, through exams, gap-fill or both. But in today's FSA policy statement on professional standards, the regulator confirms all investment advisers will have to meet its standards across all areas by 2013, even if they do not advise on those activities. It states: "We accept that this is a difficult area, and are aware that many firms make clear in their terms of business that they do not offer advice in all areas. "However we still hold the view that we have re...

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