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FSA: 15% of firms have failed to submit qualifications data

FSA Front 480

The FSA is urging firms to submit details on advisers who have met the RDR professionalism and qualification standards, claiming around 15 per cent of firms failed to meet last month’s submission deadline.

The regulator wrote to firms in December and again on 9 January requesting professional standards and complaints data for each adviser to be submitted by 29 January. The FSA was forced to reissue the reminder letters after a “systems error” saw 6,000 firms receive letters which quoted incorrect firm details.

The FSA says “a significant minority” of firms have yet to provide qualifications data for their retail investment advisers.

Advisers have told Money Marketing they received emails from the FSA saying they have missed the submission deadline and are in breach of regulatory rules, despite having already submitted their data.

An FSA spokeswoman says some firms have received emails in error, although she insists 15 per cent of firms have not submitted the data.

She says: “We are aware of some circumstances where firms have submitted their data to us but have still received an alert to say they have not. This is an error for which we apologise, however there is still a significant minority of firms who have not submitted their data to us, and they should do so as soon as possible.”

Hudson Green & Associates principal Ian Hudson says: “The firms that have yet to submit this data need to have a pretty good reason why. If firms have qualified advisers, it is a no-brainer.”


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