View more on these topics

RDR: IFAs are well placed for proposals, says Unbiased.co.uk

IFAs are well placed to handle the professionalism proposals set out in the retail distribution review, says Unbiased.co.uk.

According to the IFA directory, 3,000 IFA firms already have at least one IFA holding a QCA Level 4 qualification, and the 17,000 registered individuals listed on the site’s database currently hold 14,435 qualifications “incremental” to the current benchmark.

Of the 8,759 branch addresses held on the directory, 2,957, or 34 per cent, already have at least one RI with at least one verified QCA Level 4 qualification.

Unbiased.co.uk chief executive David Elms says: “Our evidence shows that the IFA sector is well placed to meet to the increased professionalism announced in today’s interim RDR statement. Many IFAs already hold the relevant qualifications. The only credible outcome for the RDR is for the term independent to be linked to whole of market advice and for the new distribution system to be easily understood by consumers.

‘“Looking forward, we believe today’s announcement is positive for both the IFA sector, but also the consumer. The key to the forthcoming debate is ensuring that ‘Adviser charging’ is applied consistently across all adviser types.”

Recommended

Recession to be short and shallow

HSBC chief economist Dennis Turner has forecast the recession will be shallower and shorter than predicted, with a recovery starting in the second half of next year.

Professional level scrapped

The upper level of professional financial planner from the RDR proposals. The Institute of Financial Planning lobbied for the recognition of a higher level of qualification and experience but the FSA has only distinguished between sales, advised sales and independent advice.

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment