In its consultation paper on professional standards (CP 10/14), the regulator made its case for increasing required qualifications for financial advisers to QCF level 4.
It said: “Our research covered the effects of qualifications, CPD and ethical requirements on consumer outcomes in a number of industries all over the world.
“Evidence of positive links were found in a number of cases, but the most relevant case is a review of financial planning advice from Australia.”
While the Australian research was outlined in the paper, the FSA said the remaining research would be published during the consultation period.
However, even though the consultation ended in September, the FSA says the release of the research has been delayed, although it should be made public “within the next few weeks”.
Following the recent parliamentary debate on RDR, MP Harriet Baldwin demanded more evidence of the link between qualifications and advice standards.
She said: “[Financial secretary Mark] Hoban used evidence during the debate that more highly-trained IFAs had less instances of mis-selling. I would like to see that evidence.”
The FSA’s policy statement or final rules on professional standards, following up CP 10/14, is expected before the end of this year.
