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No plan to move up to level six

The regulator does not have a “formal plan” to raise the minimum adviser qualification to QCF level six.

Conservative MP Andrea Leadsom asked FSA chief execeutive Hector Sants if the FSA had any plans to raise the level above QCF level four in future.

He said: “I would not say there is a formal plan. I recall a previous discussion here at the committee where we were questioned whether we had set the qualification at a high enough level and we responded this is something we would keep under review.”

Leadsom said there is a concern among advisers that level four is “the tip of the iceberg”.

Informed Choice managing director Martin Bamford says: “It was clear from the way Hector Sants and Sheila Nicoll reacted to the question that it has been discussed in the past. Any adviser who has not seen the writing on the wall needs to wake up and smell the coffee.”

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