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Zurich wants to know how FSA adviser supervision will work

Zurich has called for clarity about how the FSA will supervise advisers still working towards a QCF level four qualification after 2012.

Zurich UK Life principal of government and industry affairs Matthew Connell says advisers not fully qualified by the RDR deadline could take on an “introducer-plus” role. He says this could involve giving generic advice or undertaking some of the advice process in conjunction with a qualified adviser while they finish their studies.

He says: “Will the FSA implement a new supervision process straight away or will it take a few months to develop its supervisory approach for any new roles which may emerge?”

An FSA spokeswoman says: “Advisers have had a lot of warnings on reaching QCF level four in time. From January 1, 2013, monitoring qualifications advisers have in relation to the business they carry out will form part of our ongoing supervision.”



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There are 3 comments at the moment, we would love to hear your opinion too.

  1. I do not understand this. If an adviser does not have Q4 then he or she will not be able to provide specific advice (which is a regulated activity) after 31 December 2012.

    Anyone, including those working to Q4 will be able to act as an “introducer plus” and, say, complete a Fact Find, identify needs, tax status and attitude to risk then discuss possible generic solutions. All of this is unregulated activity.

    Regulated activity starts at the mention/recommendation of a specific provider and product. See FSA publication “Financial Capability: developing the role of generic financial advice – August 2005” page 7.

    Consequently, the Q4 adviser will be responsible for the advice given, and for checking the information provided by the “introducer plus” as is currently the case. The Q4 adviser will also be responsible for taking reasonable steps to ensure the “introducer plus” does not cross the line into regulated activity.

  2. Or they could restrict themselves to activities outside the remit of PRIPs i.e. protection and mortgages and refer PRIPs enquiries / recommendations to someone who IS qualified.

  3. It is interesting to note that Zurich’s general insurance arm is now authorised and regulated from Dublin not London. Why did it take that step?

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