T&C removal could lower quality of advice

The SII says it is “disappointed” the Financial Services Authority (FSA) has decided to proceed with its proposals to remove the specific training and competence requirements to take an examination for the wholesale market. It states that prior consultation on the FSA’s proposal demonstrated “widespread industry concern” any change in policy could lead to a fall in professional standards of competence and a lowering of the quality of advice given to consumers, most of who save through wholesale collective investment vehicles. A typical response to the FSA's consultation paper was: “I fi...