RDR: Qualifications benchmark will force adviser exodus, says Skipton FS

The FSA’s Retail Distribution Review interim report in April suggested that only advisers operating in the ‘advice’ channel would have to reach diploma level but under the latest proposals announced this week, all advisers will have to reach this level whether they fall under the independent or sales advice channels.

Skipton Financial Services managing director Mark Fleet says: “We are wholly supportive of today’s announcement regarding adviser qualifications.

“There are many advisers in the industry without the competence or appetite for further qualifications and many will no doubt consider an alternative career path with the news that they need to reach diploma level to continue to advise in the post-RDR world.”