Large employers shun advisers not at QCF Level 4
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Large employers are already refusing to consider advisers not yet at QCF Level 4, according to recruitment consultant BWD.
It adds that 35 per cent of advisers have yet to complete and pass any papers towards QCF Level 4 and the current pass rate for some diploma papers is only 50 per cent according to the CII.
As a result, the firm says it has now launched an e-learning initiative in an attempt to reduce the financial and time costs of becoming Level 4 qualified.
It says the service is developed by industry experts and offers learning modules with ongoing assessment questions, 550 unique questions, 5 mock examinations and a personal onsite learning record.
The initial launch makes the RO1 available with remaining RO courses going online before the end of the year. BWD says it talked to 2,000 advisers to find out what would help in studying for QCF Level 4 qualifications.
BWD development director James Walker says: “Selfishly, we have a lot riding on this, as without a continued flow of qualified advisers our core business will suffer, we are confident, however, that the e-learning programme we’ve devised, tackles head on a number of these barriers to successful learning.”
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Readers' comments (5)
Anonymous | 9 Jun 2011 12:52 pm
I have found it quite preposterous that for many years IFAs advise employers on large pension schemes without a single pension qualification over and above FPC. Sometimes sensible employers leave their senses behind!
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Anonymous | 9 Jun 2011 2:19 pm
35% haven't even started and the FSA only expect a drop of a max 20% of advisers!
When the FSA were quoting 20% drop, I already had some of my Diploma, but was undecided about whetehr to stay or go. Whilst I have now decided to stay and nearly finished my diploma, how many of the 65% who have started have decided NOT to stay.
Could we see an even bigger exodus than 20%? If so, it could mean my decision to stay is flawed as if 30% of FAs leave, that means a rise in F-pack fees for individuals as the same base costs need to be spread across fewer advisers.
Perhaps I'll go after all whilst I still can, as don't forget you have to apply for deauthorisation and if you are a sole trader or partnership the FSA can decline to remove you and insist you continue to meeting part of the levies even if no longer trading!
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Steven Balmer | 9 Jun 2011 3:21 pm
That was always going to be the driving factor to RDR anyway. It will push level 6 for progressive advisers too.
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Steve Pett | 9 Jun 2011 4:51 pm
Don't worry anon - the FSA will give all the unnecessary staff massive golden parachutes, as they did for the guy on Northern Rock.
They won't suffer any hardship.
It's all part of the plan..
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Anonymous | 10 Jun 2011 12:54 pm
Hopefully others than just the large employers are doing this!
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