RDR interim report: Call for higher minimum qualifications

The FSA wishes to ensure the industry has sufficient transitional arrangements to minimise disruption, but does not wish ‘grandfathering’ to be part of the change. However, further discussions on the issue will be held. The FSA believes QCA level 4 qualifications, such as the Chartered Insurance Institute’s (CII) diploma in financial planning, should be the minimum required to give advice. Some respondents had called for even higher levels of qualifications to give advice, it says. Those firms or advisers specialising in advice on specific areas should require higher minimum specialist ...