Consultation and Feedback Analysis

Consultation and Feedback Analysis

Thank you to everyone who took part in the consultation on the proposed Advice Activity ApEx Standards for the new RDR benchmark examinations for retail investment advisers.

It was very encouraging to see such a high level of interest in the consultation and the proposed new examination standards with a record number of hits generated for the FSP (formerly FSSC) RDR Exam Standards micro-site over the 3 month consultation (over 13,000 in total)

Full feedback and response to the online survey was received from:

  • 22 firms/companies, 
  • Trade, professional and regulatory stakeholders 
  • 15 further individuals

A good mix of firms contributed feedback with responses from IFAs, Stockbrokers, Wealth Managers, Networks, Bancassurers and Product Providers.

Of the survey responses 80% were specific to the ApEx Standards - Advising on Packaged Products, with 20% responding to the ApEx Standards - Advising on Securities and Advising on Derivatives.

Additionally, a series of face to face events were held across the UK attracting over 130 practitioners and other interested parties.

Collectively the responses received from the online survey and feedback at the face to face events has, again, been overwhelmingly positive in its support for these proposed new examination standards. The high level summary is shown below. 

 

High level summary of online consultation on Advice Activity Standards

1. Advising on Packaged Products:

   

Do you agree the learning outcomes are relevant and appropriate as a benchmark standard?

  • Pensions and Retirement Planning
  • Financial Protection
  • Application Standards

Agree/strongly agree

83%
84%
 88% 

Do you agree the Financial Protection unit standards should be included in the benchmark qualification?
 
96%
Do you agree the combined standards, including the core, are a relevant and appropriate professional benchmark for retail investment advisers?
 
83%

Do you agree the combined standards, including the core, achieve the required step change in the benchmark professional qualification for retail investment advisers?

88%

 

2. Advising or Advising and Dealing in Securities/Derivatives:

   

Do you agree the learning outcomes are relevant and appropriate as a benchmark standard?

  • Securities
  • Derivatives
  • Application Standards

Agree/strongly agree

78%
74%
74%

 

Do you agree it is helpful to combine the standards for Securities and Derivatives into one unit?
  

 50%  

Do you agree the combined standards, including the core, are a relevant and appropriate professional benchmark for retail investment advisers?

78%

Do you agree the combined standards, including the core, achieve the required step change in the benchmark professional qualification for retail investment advisers?
  

74% 


Overall this is a really strong endorsement of the content and learning outcomes for the new ApEx Standards.

The one area where the level of support was less compelling was in response to the question about combining the standards for Securities and Derivatives in to a single unit. This feedback has been noted and considered in the context of the T&C Sourcebook requirement.

Finally, in addition to the survey responses, we also received over 70 written feedback comments, suggestions or questions. These have all been reviewed, as promised, and a summary report and response is available here.


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