Three in ten advisers would consider leaving the profession if the FSA's bid to split the market based on qualifications came into force tomorrow, research suggests.
Analysis of the views of more than 400 IFAs by consultancy firm NMG suggests 30% of advisers would opt to leave the sector, or become a ‘Primary’ adviser, over taking the extra examinations required to fit in with the regulator’s new proposals. The FSA proposed in the Retail Distribution Review (RDR) the consumer sector might be better served if a new breed of adviser – the ‘Primary’ adviser – joined the current crop, which would be split into Professional Financial Planners (PFPs) and General Financial Advisers. The FSA reports there are around 5,340 registerered IFAs in Britian. Pri...
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
