A Standard Life survey of 346 advisers shows that 38 per cent of advisers in the sample already hold a full diploma qualification or are partially qualified to QCA Level 4.
Fifty-six per cent say they will shift to fees or custo- mer-agreed remuneration and 12 per cent claim to have already made the change.
When asked about their preferred professional standards body, 19 per cent suggest Aifa, 18 per cent want a separate independent body, 17 per cent say the Personal Finance Society while 17 per cent opt for its parent organisation, the Chartered Insurance Institute. Sixteen per cent would prefer the FSA to take on the role and 8 per cent suggest the Institute of Financial Planning.
Head of distribution policy Peter Jolly says: “The results suggest that perhaps the industry should form a new over-arching professional standards body that has some teeth from a regulatory perspective.”
Baronworth director Colin Jackson says he is surprised that more than half of advisers say that they will shift to fees or a CAR model. He says: “Suddenly shifting from commission to fees is too much for clients to deal with. They would just walk away.”