A seriously ill Positive Solutions adviser has been unable to secure an RDR waiver after the firm insisted the FSA would not accept his application.
Sole trader Simon Goodley, who has spent six years on kidney dialysis and was taken into intensive care over Christmas, is currently unable to advise on pensions and investments which make up more than 50 per cent of his business.
Goodley needs to complete R02, R03 and some gap-fill to meet the RDR requirements. He tried to pass his R02 qualification three times last year, failing once and cancelling twice due to ill health. FSA rules state waivers may be granted when there are “serious health issues” and someone is prevented from taking an exam as a result.
A waiver application must be made through Positive Solutions, which says it entered discussions with the FSA in October.
Positive Solutions risk and compliance director Ricky McKinney says the firm did not submit a formal application for the waiver.
He says: “We sympathise with the predicament Mr Goodley is facing and have done our utmost to support him.
“We approached the FSA but it became clear, following our discussions, that we would be unable to secure a waiver.”
Positive Solutions says it will help Goodley transition to advise on mortgage, protection and equity release business while working to pass his exams. However, Goodley wants a 12-month waiver to give him time to take his remaining exams while still offering advice to his clients.
He says: “I am unable to sleep and just trying my best to generate leads, but I am worried about whether I can get another job with my health situation.”
The FSA says it is unable to comment on individual cases. At 17 January the regulator had received 164 applications for waivers, granting 105 and refusing six. Fourteen are still under consideration and 39 have been withdrawn.