IFAs could benefit from a Government handout to help them meet the cost of professional exams such as the Advanced Financial Planning Certificate or the Certificate of Financial Planning.
One of the barriers preventing
many IFAs from sitting these qualifications had been the prohibitive costs but now the Government is offering grants.
The Department of Education and Employment's individual learning account fund of £150 a person can be applied to the £350 cost of the CFP or the £435 cost of the AFPC exams, according to the organisations backing the standard in the UK.
The Institute of Financial Planning and the LIA say the move could help over 7,000 AFPC holders to get the CFP.
IFP chief executive Nick Cann says the measure could be especially significant for the younger generation of IFAs who have quickly reached the AFPC but need financial help to go to the next level.
The IFP and the LIA are planning to market this message to their members with the hope of increasing CFP numbers.
Cann says: “This would be particularly attractive to the younger generation of advisers. For those for whom cost is a disincentive, we would hope this subsidy would help them.”
LIA spokesman John Ellis says: “If cost is one of those factors holding people back, this will help in that direction.”