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Sesame calls for RDR transition licences

Sesame wants the FSA to introduce practising licences so experienced and competent advisers can work after the RDR without taking formal exams.

Chief executive Ivan Martin says organisations such as Sesame should be accredited to offer licences to advisers they deem to be competent.

Martin says the FSA or the Professional Standards Board could make regular audits of staff with the licences to ensure that they are of an acceptable standard.

He says: “We are very worried that we will see a significant loss of advisers from the industry if we are asking them to take a series of qualifications. We feel very strongly that there has to be some form of transition to enable competent advisers to be recognised in the post-RDR world.”

Martin says that he does not support blanket grandfathering but believes that competency can be assessed through accreditation and licensing arrangements.

He says: “We would be audited by the FSA or the Professional Standards Board and they would make sure that what we are doing is appropriate almost as we do now with our Arrow visits and our Arrow review.”

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