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Foresight saga

Nothing that Barry Johnson has said in his letter to Money Marketing convinces me that I should soften my view on grandfathering – quite the opposite in fact.

Barry tells us he is closer to 70 than 60. It follows therefore that when in 1994 the current derisory level of qualification became mandatory, he would have been about my age now.

Any IFA who was unable to apply a little bit of forward thinking then and recognise that incremental improvements to their qualifications were a necessity is simply a victim of their own lack of foresight.

Grandfathering simply means that lack of foresight is rewarded. That is grossly unfair to those of all ages who were prepared to pay the price to continue to advise. The suggestion that the FSA has set an arbitrary three-year deadline to achieve level four is not correct. The deadline has been closer to 20 years.

Barry asks where the fun in it (study) is. The fun in it is that the rounded adviser (relevant experience, relevant qualifications) provides a much better service to their clients than the incomplete adviser. Age has nothing to do with it.

Nick Bamford
Chief executive
Informed Choice

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