FTAdviser reports that nearly 50 advisory firms have applied for waivers to allow individuals to have an extension to meeting the Retail Distribution Review qualification requirements after 1 January, 2013. Of these, only 13 applications have so far been approved.
The FSA tests whether not modifying the rule would make it “unduly burdensome” for the firm to comply, or whether complying with the rule unmodified would not achieve the purpose it was intended for, and if the modification would not result in undue risk.
According to FSA rules, firms have to show evidence of “exceptional circumstances”, such as a health issue with a medical opinion. The business will have to show what the individual has achieved so far, how long they want an extension for and how they plan to meet the requirements.
The FSA said: “The FSA does not expect applications to be made because individuals have merely run out of time – extensions will usually only be available for those facing exceptional situations where the applicant can prove that they have already done everything possible to meet the requirements, including exploring all other alternatives prior to applying.”
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