According to a source close to the regulator, the FSA will announce in today’s RDR paper that it plans to take on the function of the independent professional standards board.
All professional bodies will have to be approved by the FSA, which will promote membership of a professional body, but membership will not be mandatory because of European human rights laws.
The FSA will also run a public register of all authorised investment advisers showing professional body membership.
Money Marketing understands the consultation paper also contains a CPD template to help advisers fill any gaps in their learning properly.
All CPD, past and present, must be independently verified, although product providers will be authorised do this.