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Take a step back from cliff-edge

THE EDITOR’S COMMENT OF THE WEEK

Web comment on article headlined, TSC Tory calls for RDR grandfathering

First, it is encouraging that our profession is already on a journey to higher profess-ional standards. I do not think anyone would argue that this is not the right route to take. Advisers such as Mr Bamford should be applauded for their commitment to the sector and their clients and the differentiator these individuals hold through greater qualifications should reflect this.

I have nothing but admiration for them and if they want to set out their business to serve high-net-worth clients on a fee-based model, then that is great. However, is has to be wrong that thousands of high quality advisers with good professional standing are threatened with expulsion for no good reason.

The idea that up to three million clients would be denied access to their trusted adviser after 2012 is completely wrong. We need a pragmatic approach to higher qualifications and not a cliff-edge date of December 2012. We should also recognise the high quality of advice that is already being given and the high level of consumer satisfaction. Those already diplomaqualified should have that recognition but for those who are not diploma-qualified, we should remove the cliff-edge date and focus on a series of alternative assessments.

Matt Timmins
Managing director, SimplyBiz

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  1. And, in its best tradition of engaging constructively with the industry it supposedly regulates, the comment from the FSA is………………?

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