Well said and well done, Chris Cummings. I am a member of both Aifa and the IFP and am taking addit- ional qualifications at age 59 at a diff- icult time for my small business.
Nonetheless, I think it is morally reprehensible – and perhaps illegal – for the FSA to change the goalposts on authorisation for existing author- ised advisers.
Smug, young, dynamic and, possibly, inexperienced exam-collectors and those who sell them academic services should pinch themselves back into reality. If the FSA is allowed to move the goalposts this time, it will do so again and perhaps next time it will hit these people. He who laughs last laughs loudest.
I cannot accept the rationale that older IFAs with many years of exper- ience must necessarily provide a less professional service than inexperienced exam-collectors.
I want nothing more than for IFAs to be recognised as true professionals and welcome the steps being taken to that end but I cannot agree with taking away the livelihood from experienced and proven IFAs who find that taking further exams in the autumn of their lives is simply uneconomic.
The FSA should allow for a smooth transition to professional status and not a brutal cull of those who have served their clients well, gathered a great deal of knowledge and experience and have a record of complaints that the bancassurers would die for.
David Chubb Financial Planning