Yellowtail’s Hall: Go beyond level four ahead of RDR II

A significant proportion of the advisory community is already pushing on beyond the minimum level four qualification level set under the Retail Distribution Review and is moving on to level six ahead of a likely RDR II at some point in the future, according to IFA Dennis Hall.

In an interview with FTAdviser to be published later today (10 August), Mr Hall, managing director of Yellowtail Financial Planning, says advisers should not only have foreseen the switch to fees years ago, but should now but working towards level six rather than scrambling to meet the minimum requirements set by the Financial Services Authority.

He adds that higher levels of qualification will help hold the financial advice industry in higher regard.

Mr Hall said: “They all talk about wanting to become part of a profession like solicitors or accountants, well they’re not. They’re doing O-level qualifications.

“These people say they are 60, what can they learn, well before they were 50 or 40. Other people just spent a couple of hours a week studying for exams.”

He goes on to argue that a vocal minority is giving the impression that most advisers will struggle to meet RDR requirements, when that isn’t actually the case.

“The large chunk of the certified and chartered advisers don’t get a voice, but these moaning ninnies do.

“[The reality] is that 25 per cent of the work force actually get off their backsides and do something and get to level six instead of level four, so when the regulator comes back and says they will move it to level six, they’re going to say, ‘I’m already there thanks very much’.”