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Tenet says segmented plan is ‘ridiculous’

Tenet is to lobby against the FSA’s proposals to segment advisers as part of its response to the retail distribution review.

Speaking at the Tenet conference in Edinburgh, chief executive Simon Hudson branded the idea of having primary and general advice as “ridiculous”.

He said the company is opposed to the idea that being wholly fee-based necessarily makes an adviser more professional than those who have commission options.

Hudson also said that although the firm is against grandfathering, businesses should be allowed to continue after the RDR, provided that somebody is auditing the firm.

He said: “Not everyone wants to take a whole host of exams to push up to the top echelons of the professionalism ladder. If some do, then that is great and they can go to the top of the class but the rest can find their place.

“You also need to remember that having more qualifications does not mean that someone is immune from misselling.

“The important thing for them is to make sure that if an adviser does not have the ability to advise on a certain topic, then they have the knowledge to point the consumer in the right direction of someone who does.”

Tenet wants a single independent professional body to improve industry standards. Group distribution and development director Keith Richards said: “This would provide a strong standard for the industry in terms of mechanisms, with improved qualifications awareness and more supervision and developmental programmes.”

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