Firms will be obliged to notify the FSA if any adviser falls below the required standard of competence or ethical behaviour from July.
In its policy statement on professionalism, published today, the FSA says statements of professional standing will be required for retail investment advisers who want to give independent or restricted advice after January 2013.
But the regulator adds firms should also notify it about any issues with individual adviser competence, including ethical behaviour, where this breaches existing requirements.
The FSA says: “When the RDR comes into force in January 2013, the FSA will start collecting information about individual advisers, such as the qualifications they hold and which accredited body they use. (article continues below)
“However, in preparation for 2013, the first of the professionalism rules will come into force in July 2011, and from this point firms will be obliged to notify the FSA if any adviser falls below the required standard of competence or ethical behaviour.”