View more on these topics

FSA waters down &#39alphabet soup&#39

The FSA is set to slash the “alphabet soup” of qualifications IFAs can use after their name following an investigation into industry exams.

Speaking at a conference last week, FSA chairman Sir Howard Davies said the regulator is investigating industry exams to cut back the number of letters after advisers&#39 names.

Davies said the current system is unwieldy, inconsistent and confusing and desig natory letters were overused, creating an “alphabet soup”.

The review will start in January 2001. The FSA hopes the process will lead to fewer but tougher exams and that consumer interest will no longer be damaged by poor staff training.

The Chartered Institute of Insurers welcomes the review, saying the alphabet soup Dav ies refers to must be severely curtailed, if not abolished.

The move could mean backoffice staff will also have to sit exams for the first time if the FSA recommendations are taken on board. But industry insiders are sceptical, claiming the practicalities of making back-office administrators take exams will be difficult.

FSA spokeswoman Jackie Blyth says: “It is unlikely we would ever be involved in setting exams or becoming an examination board ourselves but we will be heavily involved in what the exams cover.”

Sofa spokesman Robert Reid says: “We have always had a problem with using multiple letters for passing one exam. To the consumer, it appears the person is highly qualified when they have only passed a benchmark exam. But we would want a system introduced which recognises that people will be working and studying at the same time.”

Recommended

IFAs look to invest with LeggMason&#39s new star

LeggMason Investors is opening a new Glasgow office as well as at least one new fund to accommodate its new star fund manager John Johnston.Johnston is moving to the fund manager from Murray Johnstone, where he manages its two leading investment trusts. The £92m Murray enterprise trust is the top-performing investment trust in the country […]

Future Mortgages offers discounts on sub-prime loans

Future Mortgages is offering discounts for the first time.The sub-prime lender is featuring a 1 per cent discount on its Future 85 and Future 80 products.It claims the discount is a “pure giveaway” and says it will continue to pay competitive procuration fees.Future 85 offers unlimited capital-raising for any purpose and the ability to self-certify […]

We challenge the FSA to reveal recommendation

Money Marketing&#39s Poles Apart campaign is demanding that the FSA goes public with its recommendation to the Treasury on polarisation, amid fears it will refuse to do so.The regulator has not decided whether to confirm it will go public, provoking a furious reaction from IFA leaders.The row comes as Treasury economic secretary Melanie Johnson has […]

Scottish Amicable Mortgage Protection – 8th September 2000

Type: Level or decreasing term assurance offering single or joint cover. Accident, sickness & unemployment cover and critical illness options available.Minimum premium: £5 a month, £50 a year.Minimum-maximum terms: 5-40 years.Charges: Policy fee £2.50 a month.Commission: Subject to negotiation.Contact: www.scotam-adviser.co.uk

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com