Retail Distribution Review

Written evidence submitted by Angus Low

I am 59 years of age and employed as a senior Advisor for a private client firm in Dundee which is regulated by the FSA, My individual FSA Registration Number is AXL00109. I am remunerated by Salary only and any commission received is rebated to my client's.

I graduated with a 2.1 Honours Degree in Financial Services from the University of Abertay, Dundee in July 1998 after 4 years of full time study. I subsequently sat and passed the Chartered Insurance Institute Financial Planning Certificates to level three allowing me to perform duties as an Independent Financial Advisor.

Following the decision of the FSA to bring into force the 'RDR' I have been informed that the FSA does not recognise my Honours Degree in Financial Services as the degree course at the University of Abertay, Dundee was not on their recognised list of Qualifications. I have also been informed that the Financial Planning Certificates I passed with the Chartered Insurance Institute are also not recognised after December, 2012 and if I wish to continue in my profession I have to start again and re-sit all of the examinations to achieve the Diploma in Financial Services or alternative qualification with other recognised institutions.

As I am unable to retire officially until I am 65 years of age I find that at 62 I will no longer be able to perform any regulated functions unless I sit and pass the new qualifications.

Whilst I am not totally against sitting new examinations, I find it unacceptable that no consideration has been given to advisers in a similar position to me, who, after 4 years of study at University and subsequently passing the required examinations at the time, suddenly find that past qualifications and experience mean nothing to the FSA.

January 2011