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RDR: Minimum qualifications should be higher, says IFP

The FSA’s RDR has come up short by setting the minimum qualification level for advisers at QCA level four, according to the Institute of Financial Planning.

IFS chief executive Nick Cann told Money Marketing that ideally the minimum qualification would have been set higher at certified or chartered status.

But he said: “Level four is at least a good step in the right direction. This is where people need to be heading and the ones who have already started on certified or chartered status qualifications will still see the benefits.”

Cann said he thinks multi-tied and tied agents will shift across to the independent advice sector, rather than remaining in a sales advice channel.

He said: “If they have to gain the same qualifications and operate under the same standards of professionalism then there’s no reason for them to remain in the sales channel. I think they’re going to want to come across and join our party.

“What we need to focus on now is capturing the imagination of consumers to inspire them to come and get financial advice. There’s still a huge amount of work that needs to be done on that.”

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Leading Edge – April 2017

There is little doubt 2017 will be a year of political uncertainty. Leading Edge is Royal London Asset Management’s regular review of investment markets. This edition explores some of the impacts that this uncertainty is having on investors, from the pitfalls of prediction within UK equity investing to the dangers of opting for convenience over […]

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