The RDR was published in July 2011 and the Treasury Select Committee (TSC) had appealed for one year delay which will give advisors time to meet the QCF level four qualification requirements, alongside a softening of the cliff-edge deadline for experienced advisors.
The FSA in a pre-emptive response had rejected the TSC’s recommendation and had stated that it was committed to the January 1, 2013 deadline.
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FSA has said it would consider possible exemptions for advisors who fail to meet the deadline for personal reasons such as ill-health and explore work-based assessment.
Citing results of a research that shows 91% advisors expect to meet the qualification deadline while 50% advisors already holding an appropriate qualification, 39% have began preparing for it.
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