Experienced IFAs brutally culled
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Well said and well done, Chris Cummings. I am a member of both Aifa and the IFP and am taking addit- ional qualifications at age 59 at a diff- icult time for my small business.
Nonetheless, I think it is morally reprehensible - and perhaps illegal - for the FSA to change the goalposts on authorisation for existing author- ised advisers.
Smug, young, dynamic and, possibly, inexperienced exam-collectors and those who sell them academic services should pinch themselves back into reality. If the FSA is allowed to move the goalposts this time, it will do so again and perhaps next time it will hit these people. He who laughs last laughs loudest.
I cannot accept the rationale that older IFAs with many years of exper- ience must necessarily provide a less professional service than inexperienced exam-collectors.
I want nothing more than for IFAs to be recognised as true professionals and welcome the steps being taken to that end but I cannot agree with taking away the livelihood from experienced and proven IFAs who find that taking further exams in the autumn of their lives is simply uneconomic.
The FSA should allow for a smooth transition to professional status and not a brutal cull of those who have served their clients well, gathered a great deal of knowledge and experience and have a record of complaints that the bancassurers would die for.
David Chubb
David Chubb Financial Planning
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Readers' comments (2)
Anonymous | 16 Nov 2009 12:44 pm
The government have now decided that to be a nurse you must be at least degree qualified but I see nowhere in the recomendations that you have to pass the degree by a certain date or you are out of a job!!
Sensibly they say that all new nurses have to have the qualification.
Again a British government shows a lack of consistency.
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sickofsants | 16 Nov 2009 3:15 pm
The government acts this way because it wants to retain existing nurses.
It wants rid of existing IFAs in order that the FSA can pretend to have cleaned up the misselling problem together with every other problem in the financial market..They will simply issue some lying soundbite post RDR and the public will accept it because the FSA will convince them it has rid the market of all those no good lying cheating scoundrels called IFAs.
The public can then get any advice/product they require from the banks - enough said
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