The Scottish Widows Academy is here to support the qualifications aspect of the RDR.
The FSA has been undertaking a detailed review of advice and distribution of retail investment products since 2006. This retail distribution review (RDR) entails a series of policy papers setting out and refining the regulator’s views in consultation with the industry.
The regulator now intends to implement several measures by the end of 2012, including
- A review of adviser remuneration, where all investment advice should be paid for by fee, not commission
- Clear rules to help consumers distinguish between independent and non-independent advisers
- New professionalism requirements for those advisers, including raising the benchmark qualification from the current level 3 (equivalent to A-level) to QCF level 4 diploma (equivalent to first-year university degree level)
- Best-practice governance around ethics, where financial advisors should be members of a professional body and ongoing structured CPD.
