The Association of Independent Financial Advisers says it has received over 100 letters of support from advisers after it put pressure on the FSA to back down on mandatory QCF level four qualifications.
Last week, MoneyMarketing.co.uk was flooded with comments from advisers after revealing that Aifa had toughened its stance on the retail distribution review and was demanding the FSA drop mandatory requirements for existing advisers to reach new qualifications.
Director general Chris Cummings says the FSA should be encouraging IFAs to meet higher professional standards with regulatory incentives rather than imposing an “arbitrary cliff edge”.
He says: “If there is a good commercial reason for advisers to get the qualification, then they will. What we have to avoid is an arbitrary date that leads to the closure of good firms.”
Aifa pledged to launch a judicial review if the regulator fails to listen.
Almost 100 advisers have since posted comments on MoneyMarketing.co.uk, mostly in praise of Cummings’ harder line on the RDR.
Highclere Financial Services partner Alan Lakey says: “It is encouraging that Aifa has grown some teeth and now wishes to snarl at the FSA.
“The softly-softly approach does not always work and there comes a time when the regulator needs to be scared.”