In July, the Treasury Select Committee suggested the FSA delay the implementation of the RDR by a year to ensure more advisers reach Level 4 competency.

At the time, the FSA refused this and in a full report released last week it said it has no intention to change the deadline.

It said research conducted indicated that 91 per cent of advisers were already qualified or expected to have completed their Level 4 qualification by the deadline. Only five per cent did not intend to take the qualification due to retiring or leaving the industry.

The report said: “In light of the new research on adviser preparedness, and other mitigating factors, we believe it is reasonable to continue with the existing timetable leading to implementation by end-2012. We will, however, continue to review and assess the industry’s progress carefully.”

However, it said some candidates may be eligible for an extension.

“We do recognise that a number of advisers are, for personal reasons such as ill-health, not able to meet the end-2012 deadline. The firms for whom these advisers are working can apply to us for an extension to the deadline through our existing waivers process, enabling us to give flexibility on a case-by-case basis.”

Older candidates would also have to ensure they were fully qualified as “the qualification level should not present undue problems for experienced advisers who have kept their knowledge up to date” and work-based assessments were available for those who did not want to sit exams.