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Aifa and CII welcome FSA exam proposals

Aifa and the CII have welcomed FSA proposals to retain the existing exam regime for advisers.
In a consultation paper published this week, the FSA announced plans to keep the current exam structure while reducing the Training and Competency sourcebook to a third of its size.
The FSA says its long term goal is to remove the requirements but due to concerns about T&C levels in the sector it would not be appropriate to remove such prescriptive rules at this time.
Aifa says examinations are an essential component of any profession and it strongly supports retaining the existing regime and keeping the Financial Services Skills Council’s role in listing appropriate exams.
Aifa director of public affairs Tracey Mullins says: “Firms need to demonstrate that their advisers are meeting the standards required. But exams alone are not sufficient- advisers need other skills and Aifa believes that firms must embrace continual professional development”.
CII director general Dr Alexander Scott says the proposals establish total clarity as to what is expected.
Scott says: “This sends a clear signal that exams should be part of any satisfactory T&C plan. It also demonstrates the confidence the FSA has in our sector where we are subject to our own regulator in the Qualifications & Curriculum Authority.
The CII has worked hard to ensure that our exam procedures stand up to the toughest QCA scrutiny and we are one of a small number of awarding bodies to be awarded five-day accreditation status.”

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