Turner told Money Marketing’s RDR round table that it will be tough for advisers to achieve QCA level four qualifications, change to adviser-set remuneration and ensure they have higher capital in reserve.
She said the deadlines should have been spaced further apart. Turner said: “Investment advisers will have to make a lot of changes by 2012. It is not going to be possible for all of them.”
LV= director of distribution strategy and business development Stuart Tragheim said the advice sector’s reputation is badly damaged and the FSA needed to “do something drastic”.
Prudential intermediary distribution director Andy Curran said: “The RDR proposals are pretty good but the jury is out on whether it will encourage people to save.”