RDR: AIFA welcomes IFA qualifications register

Proposals to include advisers' qualifications alongside their company and disciplinary details on the FSA Register have been welcomed by the Association of IFAs (AIFA).

AIFA director-general Chris Cummings says the move will help consumers "understand which advisers are independent and which are bank sales staff".

In its latest RDR consultation paper, published today, the FSA proposes listing details of advisers' qualifications - including the awarding body and when they were attained - on the FSA Register, which already contains details of members' approval date and disciplinary history.

"To ensure consumers have one place to look, and to adopt best practice from other professions, we propose that we provide additional detail about advisers in the FSA Register, along with information on the standards expected," the paper reads. "We also anticipate naming the adviser's professional body."

Cummings adds AIFA is "pleased" to see proposals to form an Independent Professional Standards Board (IPSB) have been withdrawn.

"We were worried that the extra costs imposed by this new body would outweigh any potential benefit," he says.

"Today's consultation paper from FSA is a welcome step forward in the debate on professionalism within the RDR. AIFA supports initiatives to improve levels of trust and consumer confidence in financial services, and urges the FSA to build on that which works."

The FSA's consultation runs until 16 March 2010.