FSA

"Current RDR proposals appear to support the old model of advice and penalise firms like mine."

The FSA strenuously denies "giving in" to advisers who say they are uncomfortable sitting exams after raising the possibility they may be tested via practical assessments, coursework and e-learning.

Changes to the labels ‘independent' and ‘restricted' for the protection market will confuse advisers and consumers alike, say industry experts.

The FSA's proposal to ban commission for group personal pensions (GPP) sales is ‘fraught with problems', according to Standard Life's John Lawson.

The cost of a ban on commission in the group personal pension (GPP) market could be as high as £420,000 for the largest adviser firms.

Malcolm Small says the FSA's decision not to read across adviser charging to the protection market is a pragmatic recognition of different sectors of the industry.

The FSA has banned Nighat Mirza, a partner at a Manchester-based mortgage brokerage, for lacking competence and for failing to manage the firm's affairs properly.

The FSA says the establishment of an in-house professional standards model will be cheaper than setting up an independent organisation.

Advice on group personal pensions (GPPs) should be paid for on a fee basis, even if employees receive no individual advice, the FSA says.

Advisers who find written or oral examinations "stressful" may be tested via practical assessments and course work, the FSA confirms today.