Survey shows FSA incentives would pay off on RDR exams
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Most advisers say they would try to reach QCF level four by 2012 if they were offered regulatory incentives rather than being forced to pass the exams by the FSA.
YouGov/Money Marketing research of over 250 advisers shows 82 per cent of those who are studying towards the qualification or have yet to start but want to remain in the industry say they would still look to gain level four if they were offered regulatory incentives but were not forced to reach the benchmark.
Out of these advisers, 85 per cent would still seek to attain the qualification by 2012.
In November, Aifa called for the FSA to drop mandatory requirements for existing advisers to reach new qualifications, suggesting the regulator should encourage IFAs to improve professional standards with regulatory incentives rather than imposing an “arbitrary cliff edge”.
The research rejects the view that there is a clear split between advisers who have the qualification and those who do not. Nearly half, 43 per cent, of advisers with the required qualifications still say QCF level four should not be mandatory.
Aifa director general Chris Cummings says: “The research will be of terrific value not only to Aifa but also to the FSA as they consider how to implement the RDR in a pragmatic way which rewards firms for investing in their business.”
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Readers' comments (21)
Gary Festa | 22 Jan 2010 10:45 am
What more of an incentive do these people need other than to be able to trade and work as an IFA, let trhe 15% leave the industry, less competition for the rest of us.
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Anonymous | 22 Jan 2010 10:50 am
Gary is spot on. Do those of us who have already bothered to become Chartered and shown ongoing professionalsim receive something extra?
If you cant be bothered to study then leave the industry and let those who take this seriously get on with it!!
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Rod | 22 Jan 2010 10:50 am
Gary, what a stupid remark! You obviously don't care about anyone but yourself.
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Martin Smith | 22 Jan 2010 10:53 am
One of my favorite quotes by Warren Buffett sums it up perfectly…
“In evaluating people, you look for three qualities: integrity, intelligence, and energy. And, if you don’t have the first, the other two will kill you.”
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Anonymous | 22 Jan 2010 10:54 am
If these so called professional advisers cannot pass these exams by 2012 then they should not be practising - it's not very difficult and just needs a bit of effort. It seems that it is a case of "I want to be caled professional" but am not prepared to put in the work to attain a comparatively easy (comparative to say, the law or acccountancy) "professional" qualification.
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Raymond Woodruff | 22 Jan 2010 11:09 am
There is a very important point being missed here. What about the huge number of very experienced IFA's ( I for one have over 33 years experience) who are now probably in their fifties and find the whole exam situation very daunting. I am going to obtain the sylabus and give it a go but what if I fail? Does that all of a sudden write off all the good work I have done with my clients for many years?
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Anonymous | 22 Jan 2010 11:09 am
I think all you 'do gooder's' are generally selfish & operate under a culture of I'm allright mate -more work for me!'.That's cobbler's as well - because no one except the rich will be able to afford you - as the fewer adviser's there are - the more your fees will increase to cover the bloated FSA OR EQUIVALENT!
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Anonymous | 22 Jan 2010 11:17 am
It's all a load of nonsense as I heard of a newly qualified cefa adviser who had come from bank background, so hardly no adviser practice, as they had a degree in another subject only needed 5 more points to get their diploma-does experience not account for anything!!!
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Anonymous | 22 Jan 2010 11:18 am
Completely agree with Anon 10:54am.
Have complete sympathy with Advisers below Diploma level as it can be a slog, I should know as I have nearly completed mine after 5 long hard years. However technical knowledge continues to move on, and the industry has to move on with it.
Too many advisers that I have seen over the last few years have out of date knowledge, and CPD does not pick up the slack as far as I'm concerned. Even without RDR I have always been supporter of technical exams and I am pleased that I put the hard work in before now, whereas a lot of others havent bothered ...
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Phil W | 22 Jan 2010 11:19 am
In response to the anonymous 10.54 am.
If you wanted to be 'caled' professional you should be able to spell it!
Comparatively easy? All other professions have full support to gain qualifications such as college or university course, maybe day release from work too . What do IFA's get for JO papers? A study text, work for your exams at night trying to balance work load, appointments and family life. Maybe a 1 or 2 day revision course if you are lucky and then an exam trying to catch you out NOT test your knowledge. There is very little external support to help those people who find studying difficult and dont see the comparision of other professional qualifications realistic at all!
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