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Lighthouse advisers will miss deadline

Lighthouse says a quarter of its advisers will fail to meet the QCF level four exam deadline but the network is not actively campaigning for an extension.

It revealed a 10 per cent fall in adviser numbers in its results this week, from 896 to 810, mostly due to the RDR. It says that “a handful” of middle management roles will be lost.

Lighthouse Group made a profit of £1.53m in 2010, mostly due to the sale of its pension division for £1.24m and a £161,000 tax credit.

Excluding the sale and credit, profit was £129,00 compared with £93,00 in 2009.

Executive chairman David Hickey says: “There are around a quarter of Lighthouse advisers that look to be behind the curve on qualifications and so have decided they are not going to have a go or will move to different roles.

We do not see any relaxation in deadlines from the FSA and are working on the basis of the published dates.”

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