View more on these topics

Advisers support plan for them to be assessed at work

Advisers have applauded the concept of onsite assessments to test knowledge and competency as an alternative to exams under the retail distribution review.

Last week, Money Marketing revealed that the FSA is looking at the practical and cost implications of introducing onsite assessments for IFAs that have broad industry experience.

Norwest Consultants principal Harry Katz says the assessments would be a victory for advisers who do not want to take Level 4 exams.

He says: “Advisers should pay a fee for the assessments and why not? They have to pay the CII for exams. A £300 fee for onsite assessment is not outrageous. But the CII must not be charged with carrying out the assessments.”

Personal Finance Society chief executive Fay Goddard says if the proposal is approved, qualification awarding bodies should be responsible for carrying out assessments.

She says: “We support this as an alternative assessment but we would expect it to fall under the remit of the awarding bodies because they know what is required as far as the standards, scope and range of exams. The onsite assessments would have to be equivalent in all aspects.”

An FSA spokeswoman says the assessments would have to be “independent” and would not be carried out by the FSA. She says the June consultation paper will set out further details.

Highclere Financial Services partner Alan Lakey says onsite assessments could be an ideal way of testing competence for thousands of advisers with relevant industry experience.

But he adds: “The FSA has to make sure the right things are being assessed. We need to get away from looking at the process advisers go through and focusing more on the quality of advice being given.

“There has to be a recognition from the regulator that following the rules and ticking boxes doesn’t guarantee good advice.”


West Brom refutes rescue rumours

West Bromwich Building Society has denied any knowledge of FSA merger talks after press reports claimed the regulator was seeking a rescuer for the mutual.

Pension complaints up by 10%

Complaints about poor service by pension providers have increased by 10 per cent in the past year, according to The Pensions Advisory Service. TPAS handled almost 8,000 complaints about personal and occupational pension policies in the year to the end of March, despite industry initiatives such as Options, to speed up pension transfers.


News and expert analysis straight to your inbox

Sign up


    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