The Financial Services Skills Council has called on the FSA to grant advisers a transition period in which they can carry on working under supervision while working towards becoming fully RDR-compliant.
FSSC deputy chief executive Sarah Thwaites says a transition period post the 2012 deadline, within which advisers can gain QCF level 4 status while working under supervision, would prevent a shortage of qualified IFAs.
She says: “The FSA must ensure a transparent and consistent process. A transition period under the supervision of an appropriately qualified individual post the 2012 deadline could allow advisers to work while achieving the new standards and prevent a shortage of qualified ones.”
The remarks come as the FSA has this morning published its professionalism policy statement on the retail distribution review, confirming it will force IFAs to gain a statement of professional standing in order to continue to give advice and do 35 hours of CPD each year.