Aifa challenges FSA's 30-month limit
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The Association of Independent Financial Advisers has questioned whether the FSA’s 30-month time limit for new advisers to gain QCF level four qualifications is achievable.
The FSA today proposed the deadline as part of new requirements for individuals carrying out retail activities.
Aifa policy director Andrew Strange says: “Historic rules required individuals to pass examinations within two years of starting an activity, and were based on a QCF level three equivalent qualification.
“I therefore question whether a 30-month period to complete a QCF level four qualification is appropriate.”
The FSA also proposed a three-yearly review of exam standards, which Strange says will add unnecessary additional costs for the industry.
He says: “We are concerned at proposals from the FSA to review examination standards every three years, despite an acknowledgment of no market failure. This is potentially expensive for the industry.
“It is also a potential duplication of work done by the Financial Services Skills Council for the FSA. The industry and the advice profession cannot afford yet more cost at this difficult time.”
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Readers' comments (1)
Man in Black | 4 Jun 2010 2:43 pm
Oh come on!
This isn't 30 months to pass CF1-5 then a load of diploma exams waiting 6 months a throw to get a resit if you fail one.
This is 30 months for somebody whose probably recently out of education to pass 6 exams (5 of which are multi-guess)...where if they fail, they can resit in a week??
The other point is that if they're enthusiastic, these exams should be real learning material for them.
And then we mustn't forget that this is the limit that applies to them advising under supervision. It's not an overall cap...They'll be able to spend plenty of time studying prior to getting authorised (e.g. doing an admin role).
Its nothing like the *real* pointless burden - of imposing level 4 on experienced IFAs, regardless of what line of business they're in.
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