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88% want one set of designatory letters to end public&#39s confusion

IFAs are overwhelmingly in favour of introducing one set of designatory letters for the industry, according to the State of the IFA Nation poll of

Money Marketing readers.

The poll of IFAs, conducted in conjunction with Virgin One, shows that 88 per cent would like to see the regulator come up with one all-encompassing standard, which would end consumer confusion.

The findings come as responses to the FSA&#39s discussion paper on the exam process are due in at the end of February.

The FSA is reviewing the whole exam system, with a view to ending the alphabet soup of letters that exists whereby advisers can list all their qualifications from different bodies.

The FSA wants to replace designatory letters, introduce limited retesting, toughen up on entrance examinations and introduce a single accreditation scheme.

Head of industry training David Jackman says the designatory letters could be replaced by a statement that an adviser is an FSA-authorised IFA and may allow advisers to put their speciality in brackets.

Sofa vice-chairman Nick Bamford says: “We are delighted to learn IFAs want one set of designatory letters. It is important when communicating to consumers to have one set standard which has some real meaning to the outside world.

“I hope the results of the FSA consultation bring more clarity rather than confusion. The industry needs to be constantly improving their knowledge base.”

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