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.”