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PFS award is an insult

There have been numerous letters to Money Marketing regarding the designations awarded to members of the Personal Finance Society. I have been in the industry as an IFA for over 22 years and have seen many changes during this time.

I am a member of the PFS and my gripe is with the PFS awarding me the Cert PFS designations. I have obtained numerous exam passes throughout my career with different examining bodies, most of which the PFS/CII appear to ignore or give very little credit to.

I would point out that I obtained FLIA (dip) with the LIA (the highest designation available to LIA members) and undertook 12 three-hour correspondence papers and an exam in attaining this qualification.

I was also informed by the LIA in a letter a few years ago that I was one of about 300 people out of 25,000 LIA members to have achieved this qualification.

Now, to be awarded Cert PFS by the PFS is an insult. People who have been in the industry for just a short while can soon obtain Cert PFS. There is, therefore, no recognition of the qualifications I have obtained during my career.

In the December 2004 edition of the LIA prospect magazine, it clearly states that the FLIA (dip) award would be replaced with the APFS.

I have taken up my gripe with John Ellis who has done his best and I have been awarded with some more units and exemptions!

I will not cut off my nose to spite my face and I will continue to be a member of the PFS because of the many benefits that can be gained. However, I will not be putting Cert PFS after my name. Instead, I will attach this letter to my terms and business as I believe clients always like to read about anything that is unjust and lacks common sense. Isn’t it about time that people in the industry started treating advisers fairly?

Peter Wearden

Fernleigh Wearden & Co,

Preston, Lancashire

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