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.”