A research report ‘Progress towards the Professionalism requirements of the RDR’ was commissioned by the Financial Services Authority and questioned 21,000 financial advisers.

It found 63 per cent of directly authorised advisers held at least one appropriate Level 4 qualification.

In contrast significantly fewer advisers within large firms held qualifications.

Large firms are defined as those with 20 or more advisers.

Only 29 per cent of tied advisers and 36 per cent of advisers in a bank or building society held an appropriate qualification.

The report suggested a reason for this could be that larger firms had not communicated their plans to their advisers whereas smaller firms were more aware of RDR requirements and clearer on their future intentions.

The figure overall was 50 per cent of the adviser population held at least one qualification and 39 per cent were studying for one at the time of questioning.

Some 31 per cent of directly authorised advisers had achieved a Level 5/6 qualification, the highest percentage, and were more likely to have multiple qualifications.

They also cited the main driver for achieving these qualifications as being personal motivation rather than purely meeting the requirements of their employer.