The Financial Services Agency has rejected Treasury Select Committee calls for the RDR to be delayed by 12 months but says it will continue to monitor industry progress towards higher qualifications carefully.
Published in July, the TSC’s report called for the deadline to be put back by one year to give advisers more time to reach QCF level 4.
In its full response to the report, published today, the FSA says it is sticking to the January 1, 2013 deadline, citing research suggesting 91 per cent of advisers expect to meet the qualification deadline.
The response says: “In light of the new research on adviser preparedness, and other mitigating factors, we believe it reasonable to continue with the existing timetable. We will, however, continue to review and assess the industry’s progress carefully.”
The research suggests 50 per cent of advisers already hold an appropriate qualification, while a further 39 per cent have started studying.
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