Advisers confident of meeting RDR qualification requirements

Overall, three quarters (73 per cent) of advisers anticipate that they will achieve further qualifications, up from 70 per cent in the Chartered Insurance Institute's (CII) last survey.

Meanwhile, 66 per cent agree that the minimum qualification level for advisers should be QCF/OfQual Level 4 or equivalent, and a further 89 per cent also agree that qualified professionals should have to meet continuing professional development (CPD) requirements.

However, 61 per cent of those questioned said that Level 6 (CII Chartered Financial Planner, or honours degree level) would be too high a requirement at this time.

Despite this, 62 per cent do believe that qualified professionals should have to hold and display a valid renewable practising certificate. Although this is down from 67 per cent in October 2008 survey.

David Thomson, CII director of policy and public affairs, welcomed the growing support for increase qualifications, but warned that the industry was "hardening" against the wider-RDR.

"However, our survey, like other recent analyses, shows a slight cooling towards the RDR process, and the recession must play a part in this sentiment.

"For example, while 60 per cent agree that the RDR will lead to a more professional retail financial services market; this is down from 69 per cent the last time the question was asked.

"We expect that the forthcoming consultation from the FSA will have a major impact on sentiment."

Advisers offered mixed views about the timescales for implementing the RDR by the end of 2012.

For example, 21 per cent think the qualifications element is achievable by most, a further 30 per cent think that they are tough but realistic, 28 per cent believe that are unlikely to be achieved, and 21 per cent that they are very testing.

Advisers are more optimistic about industry headcounts, with the majority intending to stay in the market in some capacity when the RDR proposals are implemented.

Contrary to some suggestions in recent months, only 12 per cent of respondents said they would exit the market completely.

The survey also found that 70 per cent of respondents think that the RDR proposals will not damage their future career prospects, with 35 per cent believing that RDR will actually enhance their career. However, 30 per cent do fear that RDR will leave them worse off.

Two out of three (65 per cent) said that a person giving guided sales (advised or non-advised) should be part of a professional organisation.