It says the FSA’s commitment to the proposed benchmark qualification of a Level 4 diploma, anchored in the Qualifications and Curriculum Authority qualifications framework, is welcome news.
CII Group chief executive Sandy Scott has also applauded the FSA’s challenge for an industry-led solution on professional standards.
He says: “While we are pleased that there is a momentum and a strong consensus for the professionalism strand of the review, it is important that in the months ahead there is the same industry-led determination to progress on other aspects of the RDR.
“We must not lose sight that the ultimate objective for the RDR is an outcome that raises levels of consumer trust and confidence. It is important to look at the big picture and agree a solution for the whole sector. The Edinburgh Declaration shows that this can be done.”
Personal Finance Society president Robert Reid says the proposals provide opportunities for those firms and individuals who want to commit to a professional culture.
He says: “The signs are there that our members are equal to the task and well prepared to make that step up in tested competency. It goes without saying that the key balance will be for the need to establish the new benchmark for ultimate benefit of the public whilst managing the transition as advisers attain the new level of qualification.”