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New advisers won’t have to meet 2012 exam deadline

The FSA says new advisers joining the industry will not be expected to meet the 2012 QCF level four deadline.

This means that advisers who are not deemed to be competent until after July 1, 2009 will not face the 2012 cut-off point.

In an interview with Money Marketing on December’s RDR consultation paper, FSA director of conduct policy Sheila Nic-oll says the FSA will consult this year on a “back-stop” deadline.

She says: “We cannot expect new advisers who join the industry halfway through 2012 to be fully qualified by the end of 2012. Anyone who is deemed competent after July 1, 2009 will not be required to meet the 2012 deadline.

“In the first quarter of next year, we will be consulting on this further. People cannot give advice under supervision for ever and they will have to become fully competent. Next year, we will be more specific about what that means in terms of timing.”

For existing advisers, the FSA says it will allow past continuing professional dev-elopment to count towards advisers’ QCF level four top-up requirements under its no-regrets policy but Nicoll insists it will have to be structured. She says: “We are certainly allowing past CPD to be applied. The important thing here is that just sitting and reading a newspaper is not going to be enough so we would expect any past CPD that is being applied to be structured.”

The consultation paper rejects factoring on group pensions. Many providers are lobbying to save factor ing in both the investment and GPP sectors.

Nicoll says the regulator is not convinced that factoring will help build the modest regular savings market, as factoring is currently allowed and regular savers make up a small part of the market.

She says: “We know factoring is something that firms have commented on in the context of the June retail distribution review paper so it will be considered as part of our consideration of that consultation.”



Borrowers warned as SVRs increase

Brokers are warning borrowers against remaining on their lenders’ standard variable rates in 2010 as banks and building societies’ default rates rise. Last week, Marsden Building Society increased its SVR from 5.49 per cent to 5.95 per cent while other lenders such as Accord, Cambridge Building Society and Kent Reliance Building Society have all increased […]


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  1. “Anyone who is deemed competent after July 1, 2009 will not be required to meet the 2012 deadline.”
    This seems strange. so how long AFTER the 2012 deadline does someone who was deemed competent on 2nd July 2009 actually have? How long does someone deemed competent on say 31st December 2012 have?
    Does a new entrant on 1st January 2013 have to have their level 4 BEFORE they can start to advise or can they be supervised?
    What if an adviser leaves firm or takes a two year sabbatical between 1st July 2009 and 2012, what happens to the deadline then?

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