The Financial Services Consumer Panel (FSCP) will ensure the FSA does not "cave in" to pressure from the industry on grandfathering exemptions from qualification requirements for long-standing advisers, it has said.
As well as blocking off any FSA back track on the RDR's one-size-fits-all approach to the new standards, panel members' also repeated their calls for the industry minimum for advisers to be QCF Level 5, not 4 as planned. Elsewhere in its annual report for 2010/11, the 15-strong Panel said it is putting the FSA under pressure to undertake further work on platforms, and end all forms of provider rebate. "The Panel believes the FSA has to act, while the platforms market is still relatively immature, to bring the platforms market into line with other areas of retail distribution where the...
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