Open letter to FSA director Lesley Titcomb There has been much comment about the advent of the RDR in 2012 and, in my view, the long overdue requirement that the minimum benchmark qualification be raised to the meagre level four diploma standard.
I have become quite disillusioned and bored with the same old illogical arguments being espoused by the usual culprits.
I appreciate that the political lobbying and commercial interests are against any change of the current status quo and I do not envy the FSA’s task in implementing the RDR. However, I am no longer prepared to remain silent while there are already glaring examples of utter contempt towards the imposition of the RDR.
The FSA intends to take against the following:
- Consolidators who will still receive payment after 2012, that is, receiving renewal commission or fund-based commission when they are no longer legally allowed to advise.
- Financial services practitioners who are blatantly telling clients that they do not need to acquire a level four qualification as the firm that employs them will have an appropriately qualified registered individual to sign off their advice by 2012.
- Firms or individuals who are actively looking for chartered or certified individuals to front their businesses but have no int-ention of complying with 2012 RDR level four require-ment or to distance them-selves from providing advice.
New Barnet Hertfordshire