The Financial Skills Partnership wants to develop qualification standards for simplified advice.
It says a simplified advice qualification would be cheaper than the full RDR qualifications. It says: “In the same way we developed standards with the industry for RDR qualifications, the same would be possible for simplified advice. As the qualification would cover a more limited range of products, the costs would probably be reduced.”
The FSP says it is important to make sure the regulatory qualifications are appropriate to the level of advice being given.
Lloyds Banking Group is calling on the FSA to resume work on simplified advice, which it says has “completely stalled”.
It suggests that operating a fully automated, simplified advice process could be an option for advisers who decide against QCF level four. Its submission says: “It is an option for them to maintain their livelihoods.”