FSA considers QCF level four waiver for disabled or ill IFAs
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The FSA has clarified that severely ill or disabled IFAs who want to continue to give advice after the retail distribution review may not have to pass QCF level four by the end of 2012.
This follows a complaint by Lighthouse Financial Advice financial planning consultant Cliff Linsdell, who was told by the FSA he had to take the RDR qualification or the alternative assessment route despite being diagnosed with a terminal illness.
Linsdell, an IFA for 40 years, was advised by his oncologist that exams are stressful and could cause his health to deteriorate.
He wants to continue advising and wrote to the FSA a year ago for special dispensation. He was told to contact the FSA again in 12 months, which he did in February, backed by his network’s compliance director.
He received a reply on March 10 from the FSA customer contact centre telling him he had to pass the qualification and listing exam providers.
But an FSA spokeswoman has told Money Marketing it is possible for advisers in similar circumstances to apply for a waiver. She says: “If an adviser believes one of our rules would be unduly burdensome or would not achieve the rule’s purpose, and anyone whose interests are protected by the rule would not be put at undue risk, they can ask the FSA to have it waived.
“The FSA makes decisions about waiver applications on an individual basis.”
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Readers' comments (28)
Norm d'Plume | 24 Mar 2011 12:35 pm
Yet more disgraceful conduct by the jobsworths at Budgerigar Terrace!
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Anonymous | 24 Mar 2011 12:45 pm
I was caught up in the Clarkson Hill demise, i have a disability and i applied for registration of another network 3 months ago and still i am not authorised, so take from that what you will my friends..the FSA? don't make me laugh !! please, it hurts.. or it would if i could earn some money but the FSA won't even tell me at what stage my application is at...
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Anonymous | 24 Mar 2011 12:49 pm
I cannot believe what I have just read. I think it is "unduly burdensome" to have to sit a load of silly exams - I may apply for a waiver to the utter lunatics at Canary Wharf - who do not have to sit exams to continue doing their job post 010113.
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Anonymous | 24 Mar 2011 1:09 pm
"Doing their job?" You mean killing off financial services? It would be good if they actually DID their job.
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Anonymous | 24 Mar 2011 1:09 pm
In these days of pc lunacy isn't this discriminating against the able bodied who are aslo busy, experienced and just as able to do the job with out qualifications. I am currently studying for JO2 which is the biggest load of nonesense I have ever read. 90% of it I have never used or likely to use in the next 16-years! Lets be honest once the exams are passed and done with you forget the content anyway! What is the point of all this - sorry I forgot it keeps the Muppets in London in a job!
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Chris F | 24 Mar 2011 1:44 pm
to: Anonymous
Entirely agree with your comments on J02. Having worked in depth with trusts and fellow professionals for years in this very area, most of the syllabus is completely irrelevant.
It also does not even discuss many real world issues with trusts.
Typical CII nonsense written not to test knowledge, but to catch you out and perhaps garner another resit fee.
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Anonymous | 24 Mar 2011 1:46 pm
I've been in financial services for more than 25 years. I've never had a complaint and my biggest satisfaction is knowing that my clients are looked after and their investments are rewarding. I have also had the misfortune to incur a life threatening illness and am still recovering. To be flexible with RDR requirements makes perfect sense to me. Though I have to say that little flexibility seems to have been shown by the FSA! Right now I am re-doing my FSA paperwork, my past qualifications, experience and good record apparently amount to nothing. How fair can that be? How about the FSA treating their customers fairly? I'm not asking for a waiver of level 4, just a bit of common sense. Afterall, if I feel put upon how can the FSA reasonbaly expect me to support them?
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Harry Haemorrhoid | 24 Mar 2011 2:06 pm
Will severe piles count as a disability. I'm sure half the adviser population will be suffering after sitting all these exams by the end of 2012.
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Anonymous | 24 Mar 2011 2:07 pm
“If an adviser believes one of our rules would be unduly burdensome or would not achieve the rule’s purpose, and anyone whose interests are protected by the rule would not be put at undue risk, they can ask the FSA to have it waived"
That would probably account for most IFAs who have several years experience, have no complaints history to speak of and who are now serving the children and grandchildren of their original clients.
"The Rules purpose" will do absolutely nothing for either these advisers or their clients, except cost time and moneyand probably more than a few trees.
The fsa must have taken legal advice and realised they were on shaky ground with disability legislation.It is not as if they will suddenly have gone all reasonable.
I wish you well Cliff.
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Greg Jenkins | 24 Mar 2011 2:17 pm
I am recovering from a brain tumour I had removed in October. I have had a lot of support from the practice in which I work (family owned) and my network, Openwork. I hope to be able to pass the necessary examinations but I too struggle to revise as well as working full time.
My thoughts are with Cliff and I am glad that the FSA are finally taking a sensible approach.
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