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Pupils have what it takes to be IFAs

Schoolchildren have what it takes to be IFAs, the Times reports today.

A class of 16 and 17 year olds scored more than 80 per cent in the test IFAs must do before they are allowed to practice in an exercise sponsored by Motley Fool, an investment website.

The group from Sunderland high school were given three hours of training focusing on investments and savings. They were then asked to answer a number of questions from the examinations prospective financial advisers must take.

More than half the pupils scored 100 per cent.

A spokesperson for the Financial Services Authority, the regulator who issues the tests says: “We have launched a review of the examinations and are well aware that there is room for improvement. It is safe to say there will be a change in the qualifications over the next few years. However, exams are not the end of the process – advisers still have to be competent at their jobs.”

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