The Securities & Investment Institute is calling for the FSA to introduce a restricted licensing system for specialist advisers already working at QCF level four or above in their relevant area.
In its response to the RDR, the SII says a restricted licensing system could be helpful for specialists, as they would not have to take QCF level four exams for areas they do not advise on. The SII says the FSA must review its proposals for alternative assessments with consideration of the role of specialists.
It says: “We urge the FSA to review its proposals for alternative assessments especially for the small number of experts, in specialised areas such as eurobonds, who are already operating at a level well above level 4 but for whom the new examination proposals will not be relevant but who nevertheless fall under the RDR requirements. We suggest that a restricted licence may be an option.”
The SII is also proposes raising the minimum qualification standard to QCF level six for new entrants.