The piece in the March 7 edition of Money Marketing headlined, LIA accredited adviser axed as it joins coalition, is an incorrect interpretation of a number of developments.
As I am quoted as saying in this piece, the LIA accreditation scheme, which was first launched in the press last year, has had to be considered in the light of Discussion Paper 9, which, of course, was published after our initial unveiling of the scheme.
The accreditation scheme is a strong, powerful way of undertaking ongoing competence.
It proposes a retest and supporting tutorial facilities which will ensure that the knowledge element in an adviser's competence is dealt with.
The fact that the accredited financial adviser title has become somewhat problematic in the light of both DP9 and CP121 and the fact that, after due consideration, we decided not to proceed with the compliance sign-off which was part of this scheme if anything highlights the importance of the substantial element of the scheme devoted to ongoing knowledge.
We are currently putting the finishing touches to this scheme and will be unveiling it to the marketplace over the coming months.
We hope that many people will see this as a way of proceeding with an essential element in the FSA's DP9 package.
Head of public affairs,
Life Insurance Association,