The TSC has attacked the FSA for failing to take into account age and length of service in its RDR proposals and called for a special package for older advisers.
Giving evidence to a Treasury Select Committee session on RDR, FSA chief executive Hector Sants and director of conduct Sheila Nicoll were unable to provide figures on the ages of the majority of advisers for MPs. MP George Mudie suggested it would make sense to create a special 'package' for over-60s, who would have to spend considerable amounts of money on qualifications which will only be useful to them for a few years. This could include some form of grandfathering and extra supervision from the FSA which could lead to extra costs for firms but would prevent them leaving the indus...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
