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FSA scraps independent professional standards board

The FSA plans to scrap the independent professional standards board and take responsibility for professionalism internally, Money Marketing understands.

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.

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Comments

There are 15 comments at the moment, we would love to hear your opinion too.

  1. Assume you have seen this. C

  2. Hurrah another QUANGO gone. FSA next?

  3. another new rule ?

    they trust us to be IFA’s and all that but now say they will not trust us to self certify our CPD, and retrospectively so.

    OK we can all walk away with the silly cpd certificates when we attend a seminar. But what about anything we do individually in private – that can only be self certified in many cases.

  4. Please tell me that this is a load of arse?

    Would anyone trust the FSA to “take responsibility for professionalism internally”?

    They’ve been taking something – and it’s not professionalism!

  5. So professionalism is now out!
    The ‘boot camp’ attitude of the incompetant regulator wins yet again – do it our way or not at all. Reminds one of the 3 rd Reich, ersatz and all that.

  6. Can’t you lot read?

    What does “consultation paper” mean?

    You should know!! Or have all these these years been wasted on bleating??

  7. I would not trust the FSA with my grandchildren’s piggy banks.

  8. re Alastair’s first comment, it is very easy to self-certify your study if you something like ed.assess. Have always kept this up to date and got a pleasant surprise last year when I was upgraded from CertPFS to DipPFS

  9. What a lot of horse shite, how in gods name are the FSA going to verify that I have read the financial mail on Sunday which currently qualifies as CPD. Maybe there should be an independent review of the FSA, I am certain we could find more than a few cracks internally. Do any of the FSA understand what it is like to run a company and self generate their own business? Soon they will be monitoring comfort breaks!

  10. The more I think about it the more credibility scrapping the FSA has. I know that all the same people move to the new organisation etc and it is all window dressing but I really think the FSA has lost the plot.

    Our financial system was recently on the edge of collapse and all they are interested in is giving themselves more influence over all thing financial.

    Talk about rearranging deckchairs as the titanic sinks.

    In case the FSA has not noticed the banks are STILL up to not good regarding financial advice by putting their ‘advisers’ under pressure to sell sell sell.

    Come on FSA get your act together for all our sakes!

  11. To ‘anonymous’ 10.56

    The report claims that the FSA ‘plans to take on the function of the IPS Board’.

    Sounds like a decision rather than consultation. Being announced within the RDR does not mean that it will be part of any consultation process.

    This is another grab for more regulatory territory and not something the FSA will allow the industry to have any say about.

    Including the FSA in the same sentence as ‘taking responsibility’ is an oxymoron.

  12. Has the FSA spelt out the benefits and purpose of this proposed change? I couldn’t find anything about that in the article above.

  13. The FSA likes to go on about bonuses but they are just a bunch of idiots who are just inept. They cannot be bothered to protect the ordinary person. They certainly can give themselves bonuses for not doing the job properly. How much are they going to pay themselves for running a register for more incompetence.

  14. Who regulates the regulator?

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