View more on these topics

FSA tells IFAs they must gen up on investment

IFAs will have to be up to scratch on investment knowledge as part of an overhaul of training and competence regulations.

As part of the move towards raising standards, the regulator says it plans to review industry exams early next year, which could result in a streamlining of the number of exams available and retesting.

The FSA says it wants IFAs to improve their knowledge in areas such as investments.

It also wants to raise education levels of backroom staff and dispel the notion of a regulator living in an ivory tower and creating rules without any idea of how the real world operates. The new sourcebook details the T&C requirements expected of financial services firms once the FSA becomes fully operation next year.

The regulator aims to introduce more comprehensive requirements which it hopes will lead to a raising of standards across the board.

Head of industry training David Jackman says: “We think the standards which were set five to six years ago need rev iewing. We want to raise the standards of T&C in areas such as investment advice. Advisers need to raise their standards.

“We will consider retesting in the future. We will determine what is actually in the exams that is relevant for this market.”

IFA Chartwell Asset Management adviser Craig Brady says: “The underlying direction is a good thing. Regardless of what the regulator is doing, all our back-room staff are getting their FPC as a general rule.”

Recommended

Newton plugs into tech market

Roberts says: “This product will provide opportunities to market it to retired clients who are struggling on the income received from building societies and other deposit accounts. It may also be of interest to investors with Tessas maturing, many of which will be coming to the end of their second five years from January 2001 […]

Downing puts trust in classic model

Downing Corporate Finance is issuing shares in its Downing Classic VCT3, which will invest in technology and other unquoted companies. The investment strategy of this venture capital trust is similar to the Downing Classic VCT and Downing Classic VCT2. It will invest 50 per cent in start-ups or developing technologies and 50 per cent in […]

Aberdeen Assets soar

Aberdeen Asset Management announced assets under management increased by 36 per cent to £21.9bn from £16.1bn between September 1999 and September 2000. The group says the jump results from both organic growth plus the acquisitions of Murray Johnstone and Barclays Property Investment, both completed since year end 1999. Chief executive Martin Gilbert says: “This has […]

Dresdner creates niche

Summing up, Elms says: “It is probably too low-key for mass appeal. It should be aimed at experienced investors looking for small funds to augment their pooled investment portfolios.”Laymond adds: “This product is highly specialised and is worthy of consideration for IFAs handling offshore clients. But it is unlikely to be attractive to to the […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment