The chair of the Financial Services Consumer Panel (FSCP) has said the FSA's two-page consumer guide to the Retail Distribution Review (RDR) does not go far enough to explain upcoming changes to financial advice.
Published earlier today by the regulator, the guide represents its first proactive effort to communicate the outcomes of the Review to the public.
However, FSCP chair Adam Phillips said the
FSA had missed an opportunity to provide a more comprehensive summary of the reforms. Philips was particularly critical of the FSA's descriptions of restricted and independent advice, with the guide saying restricted practitioners may "offer limited advice on a smaller range of products".
According to the guide:
"From 31 December 2012, every financial adviser will:
-
subscribe to the Financial Service Authority (FSA) code of practice;
-
hold a higher standard qualification for giving financial advice;
-
spend at least 35 hours a year learning as part of continuing professional development requirements; and
-
hold a Statement of Professional Standing (SPS) as evidence they are meeting the standards, issued by an accredited body."
© Incisive Media Investments Limited
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article