18 July, 2011
The regulator said it recognised the TSC report’s recommendation on timing but remains committed to implementation from January 2013.
The FSA said: “The FSA recognises that the RDR is a significant structural change for the industry and therefore it is right that this is subject to careful scrutiny.
“The RDR is already a long-running initiative with the first consultation paper published in June 2007.
“There is clear evidence that the industry is well advanced in its preparations, with 49% of IFAs already qualified and at least 82% expecting to remain as retail investment advisers.
“Many of the report’s recommendations relate to the importance of monitoring the market place to ensure that the RDR’s goals are being achieved. The FSA is committed to ongoing monitoring and recognises that it is important that its proposed successor organisation, the Financial Conduct Authority, continues this work.”
The TSC report suggests a cliff-edge date for advisers to achieve the RDR recommended qualifications be removed.
The FSA said: “In terms of qualifications, the FSA recognises the importance of being flexible. Formal exams are not always required, there are a number of alternative means of attaining the qualifications, and there are circumstances where exemptions can be obtained.”
The FSA added that it would provide a formal response to the TSC in due course.
Source: The Mortgage Introducer
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