Aifa warns of possible EU intervention on FSA plans

Mandatory qualifications to reach the FSA's proposed professional financial-planner status could fal...

Mandatory qualifications to reach the FSA's proposed professional financial-planner status could fall foul of EU legislation, Aifa has claimed. At present, Europe-wide rules do not include qualifications for advisers, but the FSA has retained current requirements in UK laws for supervision purposes. In its second paper on the retail-distribution review, Aifa queries how the EU would react to the higher qualifications expected for advisers seeking 'professional status'. Meanwhile, the trade body has also questioned whether the word professional is appropriate as it is not used to signify ...