RDR: Confusion surrounds 'grandfathering'

In the RDR statement released today, the FSA announced both independent and sales adviser levels must reach a benchmark qualification of at least QCA Level 4 by 2012. While the issue of grandfathering remains hotly debated in the adviser industry, the group appointed by the FSA to develop a common framework for professional standards seemed to knock back the idea of experienced advisers bypassing exams. "In the time available, the group did not consider on-the-job assessment for existing advisers as a potential alternative to the examination route," the FSA Feedback Statement read. Ho...