RDR: Professional body membership will reduce firms' compliance burden
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Firms with employees that are not members of professional bodies will be forced to obtain independent confirmation that their advisers have met technical competence standards.
According to the FSA’s consultation paper on delivering the RDR, published today, membership of a professional body is not mandatory for advisers, but it will significantly reduce the compliance burden for firms.
Under proposed new rules the regulator will require all firms to prove that their employees have met requirements for attaining and maintaining technical competence.
Where employees are members of recognised professional bodies, there will be no additional burden on firms to obtain verification.
The FSA states: “We expect to recognise certain professional bodies, so that firms which have employees that are members of such bodies will be able to rely on that membership for this confirmation.”
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Readers' comments (1)
David Trenner - Intelligent Pensions | 16 Dec 2009 3:58 pm
Hurray!!
We are going to be a profession!!
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