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PosSol backs exam push with £5m

Positive Solutions is funding the examination costs for its advisers to reach the Chartered Insurance Institute’s diploma level as part of a £5m investment over three years.

The adviser firm has unveiled details of its learning academy which opens this month and will provide online professional and business development tools and face-to-face training sessions with providers.

The investment includes an apprenticeship scheme that will be open to 20 applicants this year and aims to recruit 500 apprentices by 2010. It is also looking to develop relationships with universities and other learning institutions. The firm is giving an equivalent level of funding to advisers who have already signed up to sit the exam and those with the diploma who want to reach chartered status.

Only 70 of Positive Solutions 1,700 advisers are at diploma level and it calculates the costs involved in sitting the exams and buying course materials are around £1,500 per adviser.

Chief executive Jim Reeve says: “It seems likely that the RDR will demand a higher level of qualification although many questions remain. The one thing that is clear is the commercial imperative of investing now to raise standards.”

Facts & Figures Financial Planners managing director Simon Webster says: “Higher qualifications are the only way forward for IFAs and anyone who ignores this is dead in the water.” Monthly costs for a 25-year-old, class 1 occupation, buying £100,000 of real life cover protection until age 60 with guaranteed rates compared with the cost of the cheapest critical-illness purchase of £100,000 of coverReal life cover CIC (inc life cover)


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