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Zurich presses for regulatory dividends for higher standards

Industry reaction to Aifa’s call to scrap the RDR’s QCF level four requirements for existing advisers

Zurich believes that QCF level four should be the minimum for all advisers but regulatory dividends should be offered to those who reach the benchmark.

UK head of life and Government affairs Matthew Connell says: “We read Aifa’s comments with interest, however, Zurich continues to support the FSA’s drive to increase standards of professionalism. We believe that advisers must adopt a minimum QCF level four qualification which we bel- ieve will be welcomed by consumers seeking greater accountability and transparency.”

Connell says Zurich supports the introduction of regulatory incentives for advisers who satisfy the demands of the RDR and says the FSA should keep the timeframe of the RDR under review to ensure good firms do not leave the industry.

He says: “We recognise that there needs to be a suitable transition period to ensure that we do not lose good practitioners and support Aifa’s calls for regulatory incentives such as reduced fees or regulatory dividends to encourage higher study.

“We believe it is important that there continues to be an open dialogue on these issues to ensure that the industry reaches a suitable agreement that satisfies all parties while ensuring consumer needs continue to be well served by the advisory sector.”

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