In its response to last week’s consultation paper of delivering the RDR, Sesame Bankhall Group executive chairman Ivan Martin says he is increasingly concerned about the “lack of detail” surrounding alternative assessments.
The consultation paper proposed a more flexible approach to alternative assessments for QCF level four exams, with the FSA accepting that there may be more options available than simply an oral alternative.
Martin says: “With the continuing imposition of the 2012 deadline we are increasingly concerned about the lack of detail, which is making it very difficult for advisers to determine their approach to professional qualifications.
“The clock is ticking and there is no clear plan on alternative assessments, no new examinations and updated study materials and the ‘no regrets’ CPD gap filling requirements are also yet to be fully defined.”
Martin applauded the FSA’s proposal to keep the protection market free from adviser charging, but hit out at the FSA’s ban on factoring in the GPP market.
He says: “We agree that any discussion over remuneration should be between the adviser and their client, but this should not lead to the removal of factoring support by providers, as we believe this enables millions of people to benefit from expert guidance and thereby enhance their financial well being.
“There is still time to address this and we urge the FSA to consult the Office of Fair Trading on the benefit to consumers of allowing a standard, industry-wide factoring scheme, which would remove the risk of adviser bias, but avoid the damaging impact of a factoring ban on consumers and advisers’ businesses.”