AIFA wants 'sensible' five-year RDR qualifications transition

AIFA policy director Andrew Strange has called on the FSA to provide a “sensible” transition period of at least five years for advisers to gain post-RDR qualifications.

In an interactive discussion with IFAs, Strange says while it is difficult to predict the final requirements, the future exam structures will likely be driven by market forces.

Strange wants any new qualification standards to have an evolution period in excess of five years, to avoid any potential “advice blight”.

“When you consider the regulatory agenda, and the current market conditions which show no signs of improvement, I agree that a sensible length transitional period should be applied,” Strange says.

The policy director expects to see the qualifications market expand, as soon as concrete requirements are published, with the entry of new players.

He also expressed his sympathy for advisers, particularly older IFAs, who may find current exams too difficult.

“If advisers need to obtain more exams but do not like the current offerings, I would expect market forces to encourage new entrants to the market,” Strange says.

“However, the exam requirements are to an extent market driven, and when we see what the final requirements of the FSA are, I think that we may find other bodies willing to join the sector, providing alternative methods of qualification, such as processes based more on experience than a series of written examinations.”

Contact:
Hysni Kaso
0207 484 9793
Hysni.Kaso@incisivemedia.com