The RDR feedback statement proposes that a professional standards board will be set up, initially under the FSA, to oversee qualifications and the push to higher professional standards for individual advisers.
Speaking to Money Marketing at the RDR conference yesterday, PFS chief executive Fay Goddard said it is a positive step forward for the industry.
She said: “Having a professional standards board that’s independent of the professional bodies will ensure there is a consistent approach across the market. It’s really important to know that wherever an adviser’s qualification is from, it is consistent across the whole market.”
Goddard also praised the push for higher qualifications and said QCA level four is the right benchmark for advisers offering investment advice.
She said: “It’s really positive that the FSA has moved to raise qualifications and that investment advice, in whatever guise it is given, will be looked at separately in terms of professional standards.”