The Financial Services Authority (FSA) has told members of the Treasury Select Committee its latest research shows 91% of advisers expect to have completed their qualifications by December 2012, rebuffing MPs' concerns about the extent of potential exits from the sector.
Members of the TSC reviewed the impact of the RDR over the summer and recommended that the FSA delay implementation of the rule change by 12 months, over fears consumers would be left unable to access advice due to an adviser exodus. But in its formal response to the TSC, out today, the FSA said findings from an as-yet-unpublished survey by the regulator into adviser preparedness for the RDR suggests more than 90% of advisers will be qualified before implementation. Its response states: "We share the committee's concern about the impact of the RDR on the availability of advice and the...
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