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FSA looking at degree as minimum standard for IFAs in long term

The FSA has told MPs it is looking at making degree level the minimum qualifications for IFAs in the future.

Speaking at a Treasury select committee session on the work of the FSA this afternoon, FSA director of retail policy and conduct risk division Dan Waters was grilled by committee chairman John McFall on the level of qualifications for advisers proposed in the Retail Distribution Review.

Labour MP for West Dunbartonshire John McFall said: “Surely in this day when the Government has got aspirations for 50 per cent of school leavers to be graduates it should be at the same level for IFAs?”

Waters said: “I have sympathy with the idea that over time it should be higher, but we are talking about a transition.”

McFall asked whether the minimum qualification should ultimately be raised to degree level.

Waters said: “I think in the long term we are looking at that but we haven’t got to the stage of setting it up.”

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