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RDR qualification update

The latest figures from the Financial Services Authority (FSA) show that at the end of September 2012, approaching a quarter of all advisers had not yet completed their Level 4 qualifications and gap-fill requirements.

76% of advisers (roughly 27,400 individuals) are suitably RDR qualified and a further 10% (3,700) were awaiting results of their final Level 4 exams. However that leaves 14% of advisers with still a great deal to do as the RDR deadline approaches. This is particularly concerning given that the FSA have continued to reiterate that those who have not qualified by the end of the year will categorically not be allowed to provide retail advice.

The figures are broadly in line with the estimates provided by Ernst & Young in 2010, who further predicted that the number of advisers operating in the UK would fall to 20,000 by 2015.

For further information on gap-fill/Level 4 requirements and Statements of Professional Standing, please contact Andy Taylor or Robert Perry.

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