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FSSC exam warning on RDR

The Financial Services Skills Council has warned advisers that current qualifications cannot be guaranteed to meet the new minimum requirements under the retail distribution review.

The FSSC says any claims from exam bodies about meeting the new requirements cannot be substantiated until the new standards have been defined.

It says: “The FSSC will develop new standards for qualifications in relation to the RDR. Advisers may wish to study for level 4 or higher qualifications in readiness for RDR but they should be aware that qualifications cannot be guaranteed to meet the FSA’s new requirements from 2012.

“While the FSA has signalled that any gaps between existing qualifications and the new standards may be able to be filled by CPD, there is no guarantee how near or far from the new requirements a qualification will be.”

At an ABI event in London last month, FSA director of retail policy Dan Waters said any future gap between existing qualifications and the future benchmark would be dealt with via CPD rather than further exams.

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