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IFAs to get more say on training as Jackman sets up skills council

FSA head of industry standards David Jackman is leaving the regulator to head a new industry body to be responsible for financial education and ethics.

The move will see Jackman retain the regulator&#39s examination review and a third of his current team. Jackman is officially on a six-month secondment from the FSA but few expect him to return after he becomes chief executive of the new Financial Services Skills Council this week.

The new body, which will be jointly funded by the Government and the industry, becomes the authority responsible for setting standards for exams and training.

It marks the first time that the FSA has outsourced an area of responsibility although industry sources say the regulator never had any interest in running a hands-on examination regime.

The examination review, which has been going on for two years, will still go ahead and the industry will have more of a say in its conclusions than when it was run by the FSA.

Companies will have the option to join the Financial Services Skills Council and have the opportunity to influence its agenda. There is currently a £250 membership fee. The regime that the council designs will be implemented by the FSA on a compulsory basis.

Aifa director of policy Fay Goddard says: “We will recommend our members to join the council but we recognise that many smaller firms would not see the benefits of belonging to it.”

Jackman says: “IFAs will have a greater voice in the debate, greater access to the design of the regime, they will get more resources for training and more help in adjusting to the regime.”

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