On 5 December, the FSA published issue 8 of its Retail Distribution Review (RDR) newsletter. The newsletter reminds advisers that those who will not have achieved a level 4 qualification standard by 31 December 2012 and do not qualify under the 30 month rule must stop advising and be de-authorised. It is possible to apply for a waiver from the FSA in relation to those advisers who know they will not obtain the required qualification standards in time and the regulator is urging those applications to be submitted as soon as possible.
The newsletter also expresses the FSA's concern that those providers and platforms that are choosing to facilitate an adviser charge will fail to obtain and validate instructions from the retail client themselves, not just the adviser. All firms that are believed to have decided to facilitate adviser charging have been contacted by the FSA and asked to declare that they are comfortable that their approach will comply with the new rules.
The FSA plans to publish its final RDR newsletter shortly, before the RDR implementation date of 31 December 2012.