You are here: Home > Media > Press releases > Karen Barrett, Chief Executive of unbiased.co.uk comments on the parliamentary debate on RDR which took place on 29 November 2010:

• Print Page

Karen Barrett, Chief Executive of unbiased.co.uk comments on the parliamentary debate on RDR which took place on 29 November 2010:

“The parliamentary debate on RDR confirms that further clarity is needed on the exact qualification level which will be required of IFAs post-RDR, in order to continue practising.  There also needs to be transparency around grandfathering and whether this will exempt more experienced IFAs from reaching the QCF level 4 requirements.  Over the last few years the IFA industry has seen a drive towards professionalism on the back of increasing consumer demand, as up to 35% of consumers carrying out a search on unbiased.co.uk now only choose IFAs with qualifications.

“Of the over 15,000 registered IFAs on the unbiased.co.uk database*, now almost a third already hold at least one QCF level 4 or above qualification, designation or paper.  There has been a 7% increase since January 2010 in the number of QCF level 4 or above qualifications, designations or papers held by individual member IFAs.  The number of IFA branches which hold QCF level 4 or above qualifications, designations or papers has also increased by 7% since the start of the year.  Over a third (38%) of IFAs on our database already hold at least one QCF level 3 qualification, designation or paper in addition to current benchmark FPC 1/2/3 (Cert FP), potentially meaning they are well on their way to becoming RDR ready before the end of 2012 deadline.” 

ENDS

 

*Taken from unbiased.co.uk internal data on 31.08.2010

Karen Barrett, Chief Executive, unbiased.co.uk: 020 7833 3131

Anna Schirmer/Anna Moulds/Emily Falla, Lansons Communications: 020 7294 3682

For expert commentary or case studies from over 150 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook.

 

About unbiased.co.uk, the professional advice website

The unbiased.co.uk portal is a free and confidential UK-wide search matching consumers with local professional advisers: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is currently inviting registrations for its ‘find an accountant’ service.  These searches enable consumers to find professional advisers by postcode, area of specialism, qualification and payment method. In 2009, unbiased.co.uk fulfilled half a million searches for local, professional advice. 

IFA Promotion, the organisation behind unbiased.co.uk, is now in its 21st year, and was set up to promote the benefits of independent financial advice to consumers.  IFAP is sponsored by the following companies:

Registered Office: unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606