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

Skipton Financial Services says the FSA’s decision to implement a QCA level four benchmark for all investment advisers by 2012 will trigger an adviser exodus.

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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.”

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