The FSA today proposed the deadline as part of new requirements for individuals carrying out retail activities.
Aifa policy director Andrew Strange says: “Historic rules required individuals to pass examinations within two years of starting an activity, and were based on a QCF level three equivalent qualification.
“I therefore question whether a 30-month period to complete a QCF level four qualification is appropriate.”
The FSA also proposed a three-yearly review of exam standards, which Strange says will add unnecessary additional costs for the industry.
He says: “We are concerned at proposals from the FSA to review examination standards every three years, despite an acknowledgment of no market failure. This is potentially expensive for the industry.
“It is also a potential duplication of work done by the Financial Services Skills Council for the FSA. The industry and the advice profession cannot afford yet more cost at this difficult time.”