Openwork advisers going off the road for RDR upgrade

19 November 2009 | By Chris Salih

Openwork is taking 1,200 pension and investment advisers off the road as part of a multi-million-pound upgrade of its advice process for the RDR.

Source: Michael Walter/Troika

In the first phase of a two-stage project, 1,200 pension and investment advisers will undergo an intensive training programme starting in mid-December.

Over a six-week period, advisers will receive up to four days training and supervisors up to eight days. Assessment will cover subjects such as customer outcomes, compliance and pro- duct selection.

There will be 26 locations nationwide for advisers to attend. Those taking part will be expec- ted to pass the assessment or retake it. Where possible, Openwork will give those who fail the opportunity to re-sit within 72 hours.

Advisers will still have to take separate RDR exams to reach QCF level four standard.

Following pensions and investments, the second phase of the programme will be extended to its 1,400 mortgage and protection advisers in 2010.

Openwork chief executive Martin Davis (pictured) says: “This is a vital stage of our plans to tackle the tenets of the RDR. We know some of the outcomes of the RDR already, such as the regulator moving from the sales advice process to an outcomes-based environment, and we need an advice framework that is appropriate and forward-looking.”

Readers' comments (19)

mark blenco | 19 Nov 2009 9:54 am
Crikey! 30 years expereince in financial services and yet more exams... and all to sooth an ever extending, intrusive,pointless , Stassi -like compliance machine and it's highly paid officials. Bring back Caveot Emptor....worked for years and cost nothing for the majority , whilst fools and their money were and still will be easily parted!
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Colin Palmer | 19 Nov 2009 10:13 am
Well said Mark Blenco - of all the blather that I have read on these pages this is the most succinctly put. My sentiments exactly!
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Anonymous | 19 Nov 2009 10:16 am
Is this the whole story?
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Anonymous | 19 Nov 2009 10:20 am
If you know what you are doing & have the experience why are you scared by simple exams? Exams are a great way to prove you can get the point across to clients quickly and accurately - plus you may learn something new, we all need continuous development
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Frank McCann - Openwork | 19 Nov 2009 10:31 am
The headline of the article makes it look as though we're all coming off the road together which is why Anonymous asks if this is the whole story. This is not the case. As the article later states, training will be done over a 6 week period at various venues and is to be combined with the launch of our new point of sale system. Just thought I'd clear that up as two separate people have asked me the question already!
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Mark | 19 Nov 2009 10:36 am
Its not about the fact they have to take more exams its the principle of not acknowledging that people are capable and have been for a long time.

How about we make you take your driving test again? just for the hell of it.
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Anonymous | 19 Nov 2009 10:36 am
Is Marc Blenco in denial?
Life companies have paid out hundreds of millions of pounds in compensation to disadvantaged customers (not to mentions the tens of millions of pounds they'd paid in fines for mis-selling of endowments and pension transfers!).
RDR will undoubtable reduce the risk to the public, the exams are easy for the right people. Those who can't pass them should leave the industry now
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FC | 19 Nov 2009 10:41 am
By ever extending, intrusive, pointless you mean you have to comply with the regulations like everyone else. Please retire, you bring the industry into disrepute.
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Peter the greeter | 19 Nov 2009 10:43 am
I just wonder if Openwork had an FSA visit and it was suggested that they don't offer the level of support and training necessary. Wasn't that always one of the benefits of a few days R & R down at King Edwards Place!
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Anonymous | 19 Nov 2009 10:46 am
Exams, possibly. Continuing Professional Development more realistic. How quickly the rules of Financial Services change, an exam case study in 2009, will be out of date in 2012. Does that mean those who passed in 2009 will have to resit in 2012? And how often the financial scandals are credited to those with the most qualifications?
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