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Sants: No “formal plan” to raise RDR qualification to level 6

FSA chief executive Hector Sants says the regulator does not have a “formal plan” to raise the minimum adviser qualification to QCF level six.

Giving evidence in front of the Treasury select committee this afternoon, Sants (pictured) was asked if the FSA has any plans to raise the new QCF level four qualification benchmark to level six, or degree level, in the future.

Sants said: “I would not say there is a formal plan.”

Sants said the FSA’s position on qualifications has not changed since his last appearance before the TSC, when he said adviser qualifications will be kept under review.

Follow our tweets from the TSC meeting here.

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Sants said: “I would not say there is a formal plan.”

    Not a definite no then?
    He is waiting to see if he gets away with level 4 first

  2. IFA retiring prematurely (one of the 20%) 9th March 2011 at 5:06 pm

    Sants did NOT apologise for his ‘20% adviser reduction’ comment – he said he was ‘happy to say he was sorry…..’ – he did NOT actually say he was sorry! – assumedly because he wasn’t and isn’t sorry. It’s a very careful use of words designed to appease the IFA community and wider media and save face, but it’s not worked. Try harder, Hector. REAL men admit when they are wrong and apologise only when they mean it!

  3. Who cares whether he is sorry or not. It makes no difference in reality.

    It’s only a matter of time before level 6 and Chartered becomes the norm for the top adviser.

  4. I think he meant to say ‘There is not a formal plan’ full stop.

    That would have been an accurate statement.

  5. Level 6 minimum qualification? Great, bring it on – huge demand for complex advice from HNW sector, precious few advisers left, hourly rates of £500 per hour upwards. The future looks orange…but not if you’re of normal earnings etc. In that case, best emigrate.

  6. Such a statement is rather like a political party saying that it has no formal plan to raise the rate of VAT or any other tax. Everyone knows that anything short of an unequivocal declaration ruling something definitely out means that there’s a strong possibility that it will happen sooner or later. It’s just a matter of time.

    P.S. I really hate that picture of Sants.

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