Advice Academy questions 2012 timetable

The Financial Advice Academy (FAA) has questioned the FSA’s 2012 timetable for new qualifications standards.

The Financial Advice Academy (FAA) has questioned the FSA’s 2012 timetable for new qualifications standards.

Bob Gill, chief executive of FAA, believes many advisers will find the next three years extremely challenging, and fears some could leave the industry under the pressure.

Gill is worried about requirements for advisers to reach QCA level 4 by the end of 2012, though he supports the move to greater professionalism.

He says the FSA and firms must ensure they do all they can to stop good advisers from being forced out of the industry.

“To do so would fly in the face of its intention to reassure the consumer and it will send all the wrong signals about the type of professional advice the FSA is looking to promote through the RDR,” he explains.

“There can be no doubt now that the distribution landscape will be changed radically - as it must if it is to win back the trust of consumers and industry watchers. Product providers, networks and advisers will all have to face up to revisiting their business models, to be fit to re-position themselves in this new world.”

“If advisers can move quickly enough they will emerge from this regime fitter and better business professionals,” Gill adds.

“Existing advisers should now determine the shape of their futures and those of their businesses, and take steps to secure them.”