The FSA should offer existing advisers a robust CPD alternative to minimum QCF level four qualifications, according to Threesixty.
Partner David Ingram says: “There are many advisers who have been operating to the entire satisfaction of their clients and the regulator for many years but do not have QCF level four qualifications and may well experience difficulty in obtaining them, given that they are working full-time in their business. A robust CPD system with teeth would be a sensible compromise for these firms and it is unfortunate that the FSA seems to have set its face against this option.”
Prudential has told IFAs not to assume that the QCF level four qualification will be scrapped for existing advisers.
Intermediated distribution director Andy Curran says there is a danger that some advisers may now believe they do not have to get higher qualifications.
He says: “This could give some advisers the false impression that QCF level four will not be required. It is better that advisers work on the basis that it will be required.”