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FSP looks to simplified advice

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.”

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Comments

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

  1. “It is an option for them to maintain their livelihoods.”

    Therein lies the rub,this is an option the fsa do not wish advisers to have.

  2. why would you need this clap trap a full FPC would be more than sufficent this is just another money making scam from some one I have never dealt with or for that matter will be dealing with

  3. Let’s be clear on this, there is no such thing as “simplified advice.” It’s either advice, or it isn’t advice.

    And what if the lesser qualified simpleton can’t spot that proper advice is needed? Is he/she going to lose the sale of the target and tell the punter that better qualified advice is needed? Get real.

    What a mess!!

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