In the first phase of a two-stage project, 1,200 pension and investment advisers will undergo an intensive training programme starting in mid-December.
Over a six-week period, advisers will receive up to four days training and supervisors up to eight days. Assessment will cover subjects such as customer outcomes, compliance and pro- duct selection.
There will be 26 locations nationwide for advisers to attend. Those taking part will be expec- ted to pass the assessment or retake it. Where possible, Openwork will give those who fail the opportunity to re-sit within 72 hours.
Advisers will still have to take separate RDR exams to reach QCF level four standard.
Following pensions and investments, the second phase of the programme will be extended to its 1,400 mortgage and protection advisers in 2010.
Openwork chief executive Martin Davis (pictured) says: “This is a vital stage of our plans to tackle the tenets of the RDR. We know some of the outcomes of the RDR already, such as the regulator moving from the sales advice process to an outcomes-based environment, and we need an advice framework that is appropriate and forward-looking.”