At the same time the FSA used its own research to say 93% of advisers believe they will complete the qualifications in time, with 71% already holding a qualification at the required level.
In a reply from Martin Wheatley, managing director of the FSA, to a letter from Andrew Tyrie, chairman of the Treasury Select Committee, the FSA received 47 waiver applications, granting 18, rejecting two with a further six under review. Of the total, nearly half – 21 – were withdrawn.
The Select Committee, through a letter from Tyrie dated 20 June that has just been made publicly available, let the FSA know in no uncertain terms that it disagrees with the cliff-edge approach it is taking to implement RDR. Specifically about advisers’ qualifications, he said: “The FSA must remain flexible to their needs, while maintaining the standards required to protect customers.”
Wheatley’s reply concentrated on the face-to-face and other communications it is holding with advisers to help them through RDR, while at the same time remaining committed to its start date of 1 January next year.
“Given the continued progress we are seeing, we remain committed to the RDR timetable. However, while it will be important to maintain the standards required to protect consumers, we will of course be proportionate in our approach to supervision.”
