The FSA aims to deliver raised standards of professionalism that inspire consumer confidence and build trust. This compliments the package of wider RDR proposals on adviser charging and labelling of services.
The
FSA has confirmed the arrangements for the supervision and enforcement of professional standards and clarified a number of points on qualifications, continual professional development and ethical behaviour.
The factsheet helps to understand what is required to meet the deadline for the new, higher-level qualifications. It also gives an overview on the supervision and enforcement of these new professional standards and explains the FSA's proposal for Statements of Professional Standing.
By the end of 2012 financial advisers will need to:
• hold a Statement of Professional Standing (SPS) issued by a body accredited by the FSA;
• hold an appropriate qualification as set out in Appendix 1 of PS11/1 and complete gap fill where required;
• complete some qualification gap fill depending on which qualification currently held;
• make sure they are clear about and continue to observe the ethical requirements set out in APER, which they are subject to as an approved person; and
• expect the
FSA and the body that issues their SPS to be holding them to account for these new requirements.
Factsheet
© FSA - Financial Services Authority
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