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66% of IFAs started QCF level four study in 2009, says NMG

Sixty-six per cent of IFAs have taken steps towards gaining QCF level four qualifications during 2009, according to research by NMG.

NMG surveyed 140 IFAs between January and October and found that 66 per cent have taken positive action towards increasing their qualification.

Of those, 20 per cent have moved from saying they intend to start studying for RDR-level qualifications to saying they have now actually started.

NMG adds that 21 per cent have moved from not intending to study or not sure, to saying they have started studying or intend to start.

NMG director David Burns says: “The results from our surveys this year show that significant proportions of the IFA community are now beginning to take action in order to meet the requirements of the retail distribution review.

“Whilst there are still three full years ahead before the end of 2012 it is encouraging to see that many IFAs are already making positive steps towards being qualified at the required standards.”


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There are 5 comments at the moment, we would love to hear your opinion too.

  1. Sixty-six per cent of IFAs have taken steps towards gaining QCF level four qualifications during 2009, according to research by NMG.

    I don’t believe it!!

  2. Ask how many of these entrants are totally disillusioned with the exams? These people are not taking up this learning because they want to, it’s because they are being forced out of the industry if they don’t. Don’t tell me that this shows IFAs are keen to improve the knowledge. They just don’t want to be out on their collective ears at the end of 2012.

  3. Not quite sure of the point you’re making here, Richard. Naturally some IFAs will be inspired to learn in order to improve their abilities while others will be dragged kicking and screaming into a greater degree of professionalism. The net result is the same whether the RDR’s targets are interpreted as carrot or stick – a better qualified industry and that has to be good for everybody.

  4. I’m afraid that your view of better qualified is different to mine Alan. If an exam is relevant to the work that I’m doing, then I’m all for greater learning. But the questions that we are being tested on bear little relationship to real life.So if professionalism is measured by how much minutiae you can summon up, then I bet that the public will not share your view. These exams are just money making exercises for the CII, who are clearly in bed with the FSA who in turn want the banks to be the main port of call for advice. I already have some extra credits above the basic FPC. I did them because the exams were then in an area that I worked in. Today the exams are meaningless and many, many IFAs support this view..

  5. Alan – I think Richard’s point was that teh article implied it was carrott wheras Richard believe’s it is stick.
    Beatring anyone with a stick rather tha treating them fairly with a carott is never a good idea as sometimes people will take the stick off you and then use it back. This is what we have/are seeing with the FSA at the moment i.e. increased professionallism is good, but don’t force us to do it or IFAs will clamour for the FSA staff to have equivalent and relevant qualifications in order to obtain and keep their jobs too.

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