View more on these topics

Advisers and providers clash over QCA level 4 at Sesame conference

Advisers and providers at the annual Sesame Symposium conference in London yesterday clashed over the FSA’s proposals to introduce a minimum of QCA level 4 or equivalent by the end of 2012.

Phoenix Wealth Management Andy Shaw, a delegate at the conference, said there needs to be an alternative approach to professionalism, rather than setting a benchmark qualification.

He said: “I’m very concerned that there are people in this industry who are good IFAs who are not in million years going to pass this stuff. No one at the FSA seems to be suggesting any kind of compromise to allow good people to keep working in the industry. It seems to be if you don’t pass these, you’re out.”

Another IFA, Paul Francis, said exams are “unnecessary”, and instead suggested the FSA look at an adviser’s suitability letters demonstrating accuracy and competency. He said: “That is the true measure of whether or not you’re capable and competent to advise.”

However, Legal & General groupwide strategy director Matt Hotson said you have to set a benchmark in order to attract new blood into the sector. He said: “If we aspire the industry to be perceived in the eyes of new employees coming into the industry as somewhere that is highly professional, I think it sets a benchmark.”

Hotson did recognise the “difficult transition that will happen for a number of years for a number of IFAs”.

Prudential intermediary distribution director Andy Curran said: “It’s a difficult one for the industry to deal with but at some stage we have to face it.”

Scottish Widows marketing and distribution managing director Andy Briggs suggested a practical-based rather than an exam-based way of demonstrating a level of professional knowledge rather than the proposed QCA level 4.



News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. 9CrVcp glbznehypmcz, [url=]gjdkomtovosb[/url], [link=]snakjpxqfrui[/link],

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm