FSA bosses have assured MPs they have no current plans to raise qualification requirements above level 4 after the RDR deadline.
Giving evidence to the Treasury Select Committee, FSA chief executive Hector Sants was asked to address concerns raised it may make level 6 qualifications the required standards for IFAs. He said the regulator had "no formal plan" to raise the qualification requirements. Meanwhile, Sheila Nicoll, director of conduct policy at the FSA, accepted progress was slow in the emergence of alternative assessment qualifications. She said: "It is an example of us having listened to concerns of IFAs in this area and has been slow in development. "It has been difficult to work out how we can...
To continue reading this article...
Join Professional Adviser for free
- 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