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.