View more on these topics

‘IFA qualifications should mirror the education ladder’

‘Something has to be done to make adviser qualifications understood by public’

Aifa has called for the introduction of standardised adviser qualifications that mirror GCSEs, A levels and degrees to make them more easily understood by the public.

Deputy director general Fay Goddard says the current system is too complex and confusing for consumers and the equivalent of traditional education qualifications should be introduced to make them more universally recognisable.

The comments come after IFA Promotion chief executive David Elms slammed trade bodies for confusing customers by swamping the market with qualifications to line their own pockets.

He said customers shopping around for IFAs are baffled by the number of qualifications available for advisers. IFAP research found 38 different qualifications from eight separate bodies in the market.

Goddard says the indus- try needs to label qualific- ations more clearly to make it clear what they mean and what level of attainment they represent. She says consumers do not relate to adviser quali- fications, which are often represented by a series of letters and numbers.

But she welcomes the Chartered Insurance Institute’s recent launch of chartered status as a qualification that will mean something to customers.

She says: “Do people really care if an adviser has a G60 qualification? Something has to be done to make adviser qualifications more easily understood by the British public. The industry needs to be introduce a system allied to qualifications that people can easily relate to.”

CII group public affairs director John Ellis: “This is what we are trying to do with the launch of diploma and advanced dip-loma, etc. We have committed a 1m advertising spend to promote advisers to consu- mers and educate them about these qualifications.”

Elms says: “Any spending on the consumer side to edu- cate the public about adviser qualifications and encourage them to seek out advisers with incremental qualifications is fantastic.”

Recommended

Which? claims end of RU64 will see life offices derail Turner

The abolition of RU64 will derail a centrally administered state pension system which may be proposed by the Turner report, warns consumer watchdog Which? Principal policy adviser Mick McAteer says FSA proposals to scrap RU64 will allow life offices to charge higher commission on personal pensions, bringing a boom in profits. He says insurers will […]

Brown letter undermines Turner proposals

Chancellor Gordon Brown has written to the Pensions Commission suggesting the current linking of pension credit to earnings may end in 2008, according to newspaper reports.The move implies the Government policy aimed at helping the poorest pensioners may then be linked to prices, devaluing it in real terms.It is thought the letter, sent last Thursday, […]

ScotProv offer guides to claims

Scottish Provident has produced a series of guides and checklists for policyholders and IFAs, explaining each stage of the insurance claim process. The guides will be issued to policyholders when they make a claim. Subjects covered inc-lude circumstances in which claims require additional or special consideration, important numbers and other contact details for queries and […]

Abbey launches new deals for first time buyers

Abbey is introducing two new deals for first time buyers, boosting the maximum LTV available to 97 per cent.The two year tracker is available from 4.74 per cent and 5 year fixed rate from 5.34 per cent. Both products offer the option of a free valuation and 250 cashback.Abbey has also launched two year fixed […]

Boosting our annuity strategies

Targeting annuity purchase in lifestyle strategies isn’t anything new but we’ve just lifted the bonnet and injected an enhancement shot into the end-point of these solutions. The recent volatility has shot short-term volatility into equity markets and painted a very turbulent backdrop but we’re also equally faced with a stressed fixed interest environment. This can […]

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