Anger as FSA shuts door on using client files to reach Level 4

One IFA blasted the City watchdog for “testing fiction, not reality” after its most recent RDR paper ruled out a prominent role for client paperwork. The FSA said it was “highly unlikely” real client documentation could be relied on to prove advisers’ knowledge. Last December, the FSA invited examiners to develop options for alternative assessments besides oral equivalents to written exams. It suggested practical assessments and coursework as viable alternatives, but warned any substitute arrangements would not be an “easy option”. Some stakeholders hoped the FSA’s flexibility t...