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Backing for additional specialist qualifications

The financial services industry has largely backed FSA proposals for advisers specialising in areas such as pension transfers to be subject to additional qualification requirements.

The regulator first floated the idea of additional competence requirements for some non-mainstream products such as long-term care and pension transfers in January when it published its discussion paper.

It says of the 33 responses it received on the issue of specialist qualifications, most were either strongly or marginally in favour of the proposals.

Respondents said transactions that cannot be reversed, such as defined-benefit to defined-contribution pension transfers, should be subject to extra qualification requirements.

Unregulated collective investment schemes and over-the-counter derivatives were also suggested as products that would require additional qualifications when sold to retail customers.

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