The Chartered Insurance Institute says it is in talks with all major retail banks about raising qualification levels.
The Royal Bank of Scotland is training all its 150 IFAs up to chartered level in a programme developed with the CII.
HSBC has also entered a deal with the CII to train its IFAs, sales managers and senior financial planning managers to diploma level in its premier, financial planning and commercial businesses.
An HSBC internal note, seen by Money Marketing, says: “If we are to be the ‘best in class’, we want our advisers to be the best qualified and what a fantastic achievement it would be to demonstrate this, with the majority of our advisers holding this qualification by the end of 2010.”
CII director of financial services markets Steve Jenkins says: “We are working with all distributors across the market to raise standards and develop support packages for development and training. At present, all other discussions are commercially sensitive but we hope to announce a number of positive results in due course.”
Syndaxi Chartered Financial Planners managing director Rob Reid says: “This underlines the importance for IFAs who are not at diploma level to start making plans now rather than waiting on further announcements from the regulator.”