Openwork boss says “plenty to do” to meet RDR rules
Getting ready for the Retail Distribution Review is a “massive exercise” for Openwork, according to the intermediary’s marketing and propositions director.
Half of Openwork’s advisers are regulated to make recommendations in the investment and pensions market, said Philip Martin, marketing and propositions director of Openwork.
Mr Martin said 72 per cent of Openwork’s advisory base is at or in touch of achieving the FSA’s qualification requirements.
Speaking to FTAdviser’s Emma Ann Hughes, Mr Martin said a further 22 per cent is within a couple of examinations of achieving the QCF level four qualification required by the FSA to continue offering advice post 2012.
Just 6 per cent of Openwork advisers are therefore not currently on course to meet the FSA’s RDR qualification requirements and risk being unable to offer investment advice from 2013 onwards.
Mr Martin said: “We are not relaxed. We know there is still plenty to do there but we have everyone marked out there and understand where everybody is moving to.”