Aifa director general Stephen Gay believes the FSA will be flexible with the RDR qualification deadline towards the end of 2012 if advisers are struggling to achieve QCF level four.
Gay first raised the issue in the all-party Parliamentary group on insurance and financial services session in December about greater flexibility for those advisers who are en route to QCF level four but do not make the deadline.
At the time, FSA director of conduct policy Sheila Nicoll said: “I think you can understand I am not going to say now: yes, of course, we will be reasonable, because that would not be fair on the people who are getting on with it.”
At the Tenet annual business conference in Ascot last week, Gay said the FSA’s response was significant. He said: “The FSA pointed out that were they to relent regarding the deadline now, their fear would be that IFAs would take their foot off the gas in terms of pursuing qualifications.
You can draw what inference you like from that, but my sense from talking to them is, whilst they will not say so explicitly, if we were to get closer to that deadline and it looked like there was a car crash about to happen, they would take a sensible view.”