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Advisers back register for qualification data

Research reveals divide on meeting 2012 deadline

Jenkins: ‘Momentum’
Jenkins: ‘Momentum’

Over three-quarters of advisers think the FSA register should include detailed information about qualifications, according to member research commissioned by the Chartered Insurance Institute.

The survey of 1,367 advisers, conducted by Ernst and Young, shows that 77 per cent agree or strongly agree that the register should include further qualification details while 23 per cent disagree or disagree strongly.

In December’s retail distribution review consultation paper, the FSA proposed broadening the register to include data on advisers’ qualifications, the awarding body and when they were attained.

The CII’s research shows the industry remains split over the qualification timeframe, with only 52 per cent saying the 2012 deadline for QCF level four is achievable. Twenty-four per cent say it is unlikely to be achieved, 20 per cent say it is very testing and 4 per cent have no view.

Three-quarters of advisers support a requirement for advisers to maintain and display practising certificates, with a quarter disagreeing or stron gly disagreeing. Severy-one per cent agree or strongly agree that membership of recognised professional bodies should satisfy the FSA that new competence requirements are being met while 29 per cent disagree or disagree strongly.

Sixty-one per cent agree or strongly agree that the RDR will lead to a more professional retail financial services market while 34 per cent disagree or strongly disagree.

CII director of financial services markets Stephen Jenkins says: “This research shows that there is genuine momentum towards change among advisers. It shows advisers want to be seen as part of a genuine profession that is viewed in a positive light by consumers.”

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