The removal of detailed rules on training and competence could lead to a fall in professional standards and a lowering of the quality of advice, according to the Securities & Investment Institute (SII).
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 ...
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
