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RDR Interim Report: Sifa hails new proposals

Sifa has hailed the FSA’s RDR Interim Report claiming its proposals are very much in line with its response to the discussion paper.

It welcomes the clearer distinction between advice and sales, the abandoning of the professional financial adviser tag and the definition of independent. But it queries how tied and multi-tied advisers will fit into the new regime.

Managing director Ian Murhead says: “The FSA suggests either that a special exception should be made for hybrid advice / sales models, which would seem to defeat the whole object of differentiating advice from sales, or that this model should be permitted to continue but not to be described as advice, or that hybrids should be required to opt for either advice or sales status.”

Sifa also welcomes the lowering of the required level of qualification from the chartered or certified financial planner level suggested in the DP to the QCA level 4, which is similar to a diploma.

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