View more on these topics

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.”


Why the FSA won’t hold fire on RDR

There are just a few fairly significant problems with trying to persuade the FSA to hold fire on the RDR:1: The FSA appears to be entirely unaffected by the economic downturn for the simple reason that its income is entirely unrelated to what is happening in the real world of commerce. How nice if the rest of us could raise what we want simply by compulsory levies.2: The FSA has no idea just how much up-front work an IFA has to do to get a new client on board. We could charge fees but so much damage has been done to the reputation of the industry that hardly anyone is prepared to pay for what they perceive to be nothing more than being steered in the direction of whatever product best suits the pocket of the IFA.3: The FSA has a proven and documented history of only very limited preparedness to take note of representations from the industry.


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