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RDR: CII supports FSA’s call for professionalism

The FSA’s recommendations on raising standards of professionalism will improve standards within financial services, says the CII Group.

Today’s retail distribution review proposals to raise the minimum qualifications benchmark to Ofqual/QCA Level 4 for all those giving investment advice has been supported by the CII.

The group says it is also in favour of the proposal for the establishment of the Independent Professional Standards Board to oversee the development of professional standards.

CII president Trevor Matthews says: “The biggest challenge for the long-term future of this industry is to restore trust in financial services which has been dented for too long. RDR gives all of us the opportunity to move to higher levels of competence and professionalism and to kick-start that process.”

The CII is now urging the industry to welcome the comments laid out in the FSA’s final feedback statement today, which it says mirrors views expressed by the CII earlier this year.

Personal Finance Society President president Paul Lothian says: “As the body representing 25,000 financial advisers we support proposals which will enhance professionalism and help members be seen as true professionals by their customers.”


Question of trust over US guarantees

A round table debate discussed whether clients will trust the guarantees from US providers after recent market problems.
The Retirement Adviser director of retirement planning Nick Flynn said: “The theory behind these products is fantastic but is there is a question whether the guarantees will be met? I would rather spend money on a guarantee to have it but my question is whether a consumer will believe these guarantees will be paid?”

Drawdown clients face tough choice

People who set up or increased income from drawdown plans after A-Day may be faced with a difficult choice between cutting income or seeing their pot diminish rapidly.

Clear as crystal

It is common that clients facing retirement may consider consolidating their pension rights before taking benefits. However, if the client’s arrangements include a protected pre-A-Day pension commencement lump sum, there is a danger that by consolidating the funds before benefit crystallisation, the client could reduce the amount available.


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