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CII survey shows confidence in RDR is falling

Advisers are losing faith in the ability of the retail distribution review to create a more professional retail financial services market, according to research by the Chartered Insurance Institute.

A survey, carried out on behalf of the CII by Ernst & Young, found that 60 per cent of CII and PFS members agree that the RDR will raise professionalism, down from 69 per cent in November.

The survey also found that 73 per cent say they anticipate achieving further qualifications, up from 70 per cent last November.

Sixty-six per cent agree that the minimum qualification level for advisers should be QCF level four or equivalent.

Almost 90 per cent agree that qualified professionals should have to meet continuing professional development requirements.

The survey also shows that 21 per cent think RDR timescales are achievable for most, 30 per cent think that they are tough, but realistic, 28 per cent believe that are unlikely to be achieved and 21 per cent say they are very testing.

The CII says only 12 per cent of respondents say they will exit the market completely.

CII director of policy and public affairs David Thomson says: “It is great news that an increasing majority of respondents envisage furthering their qualifications. However, our survey, like other recent analyses, shows a slight cooling towards the RDR process, and the recession must play a part in this sentiment. We expect that the forthcoming consultation from the FSA will have a major impact on sentiment.

“Although there may be a slight hardening against the RDR itself, there is continuing support from practitioners for the professionalism element of the proposals, and a belief that the RDR will happen. The evidence of this survey, plus our exam booking data, shows that many advisers are already taking action following the FSA’s ‘no regrets’ declaration on improving qualifications.”


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It is a current obsession of mine – for which I make no apologies – that while protection remains the poor relation of our industry, it ought to be the bedrock. If you are unconvinced this is the case, then you are simply not paying attention.

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