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Aifa wants Government to help IFAs pay for higher qualifications

The Association of Independent Financial Advisers has called for the Government to extend its Train To Gain scheme to include IFAs, as part of its pre-Budget report wish list.

The Government programme offers employers up to £1,500 to support employees through additional training.

Aifa says the Government must help IFAs attain QCF level four through the Train to Gain scheme to ensure they are able to continue serving clients after the RDR implementation deadline.

The trade body also wants the tax limit on financial advice for employees to be removed to encourage firms and employees to access independent advice.

At present employers can contribute up to £150 towards the cost of financial advice for employees, before it is classified as a benefit-in-kind and becomes taxable.

Aifa is also calling for an assessment of existing pensions legislation and an independent review of how we can restore a savings culture in the UK.

Aifa director general Chris Cummings says: “The Government needs to look more closely at pensions legislation, much of which is based on an outdated view of retirement and historical facts about life expectancy. The rules requiring pension income to be secured by age 75 need to be reviewed to ensure they appropriately balance the needs of retirees with the needs of taxpayers.  

“The level of capital disregarded for retirement means-tested benefits should be reviewed on a regular basis to ensure the rules do not penalise equity release. And ministers should re-examine obstacles to equity release so that there are fewer disincentives for consumers.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Incompetent Regulators Awards Team 30th November 2009 at 1:11 pm

    Before we should worry about IFA qualifications we need to get the FSA, FOS and FSCS organised first.

    A recent case of mine which went to FOS is a case in point. Being judged by someone who knows far less than me and making a quagmire of mistakes in his assessment. Only to have to change his mind afterwards having pointed out his c*ck ups

    Get the F-Pack sorted first as they have made a pigs ear of everything so far.

  2. wishful thinking Chris. the government is in cahoots with the fsa to get rid of us once and for all. They are secretly hoping that very few advisers will even attempt the new qualifications. It is time to concede defeat. We should get out now instead of waiting to be pushed. Maybe that is one way we could actually beat them, leave NOW and scupper their timetable.

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