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FSSC calls on FSA to grant advisers an RDR transition period

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.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. How can we get out of this mess?

    I know, let’s start making noises about ‘transition’ but we will have to get someone else to suggest it…..?

    The RDR needs more than a transitional period, period.

  2. Why on earth this has become so complicated? Can’t the FSA just set a minimum CPD number of hours per year which are only attained from certified courses and cover the areas relevant to the advisers normal duties – which can be easily defined – much like the IFP CPD records.

    It would also be radical and helpful if the supervision was aimed to help and challenge thinking rather than punish – much like the therapeutic community have to have supervision. Another industry professional that has greater experience, paid for their time, to help discuss clients in complete confidence… but obviously not a “buddy system” that is prone to the problems of being “nice” and not wrestling with the real issues.

  3. STOP MOANING

    If you don’t like it leave the industry, I’ve been in the industry for 20 years and will be here in another 20 years, I have the Diploma already and just need one more paper to be Chartered.

    Many IFAs are under-qualified, under-skilled and inadequately supervised which has led to massive customer detriment because the FSA hasn’t reviewed them. If the RDR gets rid of these IFAs the whole industry benefits and there’s more customers for the rest of us.

    If you can’t stand the heat, get out of the kitchen.

  4. good for you anonymous, nice to know you will be OK and be able to continue working……….never mind the rest of us!!!!

  5. @ Anonymous (3:18 pm) – Why thank-you!

    You have the same opportunity and I hope you can join us in 2013 and provide an excellent service to the world of Financial Services

  6. “I’ve been in the industry 20 years….I didn’t get where I am today…I took my exams, you lot take yours…my qualifications prove I’m professional, blah, blah, blah” or words to that effect.

    Nice to see that the ‘I’m alright Jack’ attitude is alive and well and thriving in anonymous world.

  7. In response to Anonymous 1.55pm:

    I am not sure what problem you have with a transition period. It means that we can raise professional standards without losing advisers that don’t make the 2012 deadline.

    The increased supervision of transitional advisers would be of benefit to consumers as it would improve all the issues that you outlined: “under-qualified, under-skilled and inadequately supervised”. It would then allow the adviser breathing space to get the qualifications.

    Or is it just that now you have qualified and want to see as many other IFA’s out of business as possible. ” More customers for the rest of us”, seems like a pretty poor attitude.

    PS. I have the CII diploma

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