Personal Finance Society chief executive Fay Goddard says IFAs are clutching at straws if they think the recent political interest in the retail distribution review will lead to it being watered down.
She said although many advisers support a higher level of qualification, there remain a small number still trying to resist the RDR. The Chartered Insurance Institute is tracking the progress of its members who are taking exams and has found 80 per cent have reached the required QCF level four standard or above or are on their way to achieving it.
Speaking at the Aviva round table, Goddard said: “The vast majority of advisers are getting on with it and a good proportion of advisers are already there. This is not going to go away. I feel desperately sorry for these people who are against the RDR but they are clutching at straws.”
Goddard said the recent Westminster Hall debate on the RDR secured by Conservative MP Harriett Baldwin only serves to give IFAs false hope. She said: “I feel this debate now is perhaps giving false expectations to people. I really do not see any reversal. The rules are in place.”
The issue of the RDR has been occupying the political spotlight over the last month, not only through the Westminster Hall debate but also as part of the Treasury select committee’s ongoing inquiry into financial regulation.
The backbenchers’ business committee turned down a request for a full Parliamentary debate on the impact of RDR last week as the issue has received a lot of attention recently.
Conservative MP Mark Garnier, one of two MPs who requested the debate, plans to allow some time to elapse before submitting the request again.