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Aifa calls for more qualification details from FSA

The Association of Independent Financial Advisers has urged the FSA to consider partial legacy qualifications, existing examination frameworks and alternatives to examinations in more detail.

Director of policy Andrew Strange says: “We welcome steps by FSA to provide the further clarity for advisers. However, Aifa is disappointed with some aspects of the statement and the failure to provide further information on alternatives to examinations. It is also interesting to see FSA developing examples of possible core subject areas for the new qualification.

Strange says Aifa is especially concerned for advisers that only hold partial qualifications.

He says: “FSA asserts that ‘all parts of the qualification must be at a level equivalent to QCF level four’. Some examination frameworks have historically comprised of both examinations at levels three and four. FSA also doesn’t consider partial qualifications in legacy examinations.

“We would not expect advisers who have followed the no-regrets policy to have to take further examinations.

“FSA state that it will continue to explore the possibility of some form of alternative to the examinations route. Aifa has been an advocate of alternatives to formal examinations but believe that we now need to see a more tangible development of this solution.”

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