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FSA to review exam standards for pension transfers and mortgages

The FSA is to carry out a review of the examination standards for pension transfers business in Q1 next year, followed by a review of mortgage exam standards.

The regulator published proposals in June to update appropriate exam standards every three years.

The FSA has today published its final rules on competence and ethics, and has decided that following consultation standards should be reviewed every three years rather than being automatically updated.

The regulator has set out a timetable for reviewing exam standards with pension transfers marked as a priority for review, followed by a review of exam standards for mortgages.

The FSA says: “We believe the priority is reviewing the standards for ‘acting as a pension transfer specialist’ due to the number of anticipated changes to the pensions landscape. We expect this review to begin in Q1 2011.

“We have listed the home-loan related examination standards next but the timing for this review will depend on the outcome of our Mortgage Market Review.”

The regulator adds other exam standards have been listed for review based on factors such as consumer risk, the last time standards were reviewed, and where there are no existing standards.

The paper also confirms the 30-month deadline within which new advisers must be qualified, first announced in June.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Oh Merry Christmas everyone more exams coming and the goose is getting fat.

    I hope that the exams are not going to be changed just for the sake of it.

    There needs to be really good reason to do so.

    Now have to go and prepare the sleigh as I have had to take a secong job to cover the cost of the never ending exams.

    Ho Ho

  2. When will the FSA review it’s own risk to consumers?

    It has been a “massive” risk to consumers over the last decade, so hardly the best organisation to judge others.

  3. The Ghost of IFA’s Past by Charles (what the) Dick 17th December 2010 at 7:47 pm

    You can’t appease a bully. He will always come back with the next hurdle to remain in control over you. There will never be a win-win—don’t look for one. Get up and start to fight this unelected, unaccountable, quasi, judicial, Star Chamber, kangaroo court and make 2011 the years of accountability for the FSA . …

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