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Extension plea is rejected

The FSA has resisted the Financial Services Skills Council’s calls for an extended transition period for advisers to obtain a QCF level four qualification.

The FSSC has argued that a transition period after the RDR deadline, where advisers would gain QCF level four while continuing to work under supervision, would prevent a shortage of qualified IFAs.

But FSA head of investment policy Peter Smith says advisers have already been given a reasonable transition period.

He says: “The new rules kick in in December 2012 so that sounds like a fairly decent transition period to me. Since November 2008, advisers have been clear that if they have been doing level four qualifications they will be valid under the new system, so that is a four-year transition period.”

Smith says recent FSA research suggests around 90 per cent of advisers expect to be qualified by the end of 2012.

He adds: “In fairness to the advisers that are getting on with qualifying, you would not expect me to say ’if you are halfway through by November 2012 that will be enough’.”


MPs hear CPMA should have competition objective

The Consumer Protection and Markets Authority should have a statutory objective to promote competition, according to the Office of Fair Trading. Giving evidence to the Treasury select committee last week, OFT chief executive John Fingleton said the move would be consistent with the Government’s intentions for the CPMA. He said: “The CPMA should have a […]


FSA warns on bundled products

The FSA has raised concerns that bundled products such as offset mortgages could lead to providers wielding market power over consumers at consumers’ expense. The regulator published its discussion paper on product intervention today which called for more intrusive product intervention, including the possibility of banning of certain products from being sold to certain customer […]


Osborne forced to withdraw bank bonus plans

Chancellor George Osborne (pictured) has been forced to withdraw plans to improve pay transparency in the banking sector after deputy prime minister Nick Clegg and business secretary Vince Cable made it clear the Liberal Democrats would not accept the proposals. According to the Financial Times, the “peace deal”, which was formulated with the help of […]

Aegon adds portability option to offshore bond

Aegon has added a European offshore portability option to its main offshore bond that will allow customers moving from the UK to Spain, France or Italy to have greater tax flexibility. The option sits with Aegon’s wealth management portfolio and will allow investors to benefit from tax deferral. The bond is also tax compliant in […]


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