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RDR: FSA publishes list of ‘no regrets’ qualifications

The FSA has published a list of qualifications that meet the ‘no regrets’ provision.

The regulator’s ‘no regrets’ policy allows advisers to make use of existing level four qualifications to help them meet the new standards of competence and professionalism required while benchmark qualifications are finalised. Advisers can then fill any gaps with CPD. The FSA says this list is not exhaustive and they are considering other qualifications for inclusion.

The FSA’s list of transitional qualifications and their corresponding awarding body includes:

CFA Society of UK – CFA Program Level 1, 2 or 3

Chartered Institute of Bankers in Scotland (CIOBS) – Associate (by examination) (March 1992 – July 1994 syllabus including top-up test or post-August 1994 syllabus) / Diploma in Investment Planning

Chartered Insurance Institute (CII) – Advanced Diploma in Financial Planning /Advanced Financial Planning Certificate (life and pensions route only)/Associate (by examination)/ Associate (by examination) of the Life Insurance Association (ALIA (Dip))/ Chartered Financial Planner / Diploma in Financial Planning/ Fellow (by examination)/ Fellow (by examination) of the Life Insurance Association (FLIA Dip)/ Member of the Life Insurance Association (MLIA (Dip))

Institute of Financial Planning (IFP) – Associate (by examination) / Certified Financial Planner / Fellow (by examination)

Chartered Institute for Securities and Investments(formerly Securities and Investments Institute) – Certificate in Private Client Investment Advice and Management (PCIAM) / Diploma / Investment Advice Certificate / LSE Full Membership Examinations (where holders have three or four of the units or hold both the Stock Exchange Practice and Technique of Investment) /Masters in Wealth Management (where holders have all three papers for full SII Masters) / MSI (Dip)

Faculty of Actuaries – Associate (by examination) (post-June 1994 syllabus) /Fellow (by examination) (post-June 1994 syllabus)

ifsSchool of Finance – Associate (by examination) / Associate (by examination) of the Chartered Institute of Bankers / Diploma for Financial Advisers

Institute of Actuaries – Associate (by examination) (post-June 1994 syllabus) / Fellow (by examination) (post-June 1994 syllabus)

London Stock Exchange – Full Membership Examinations (where holders have three or four of the units or hold both the Stock Exchange Practice and Technique of Investment)

Personal Finance Society (PFS) – Associate (by examination) / Diploma / Fellow (by examination)

University of the West of England; Sheffield Hallam University; Bournemouth University – BA (Financial Services) Post-graduate Diploma in Financial Services / MA (Financial Services)


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There are 5 comments at the moment, we would love to hear your opinion too.

  1. History shows us that highly qualified people who paraded as advisers in the past 20 years were just as likely to give poor advice as those without high level qualifications! Being professional in carrying out an IFA role is not proved by exam qualification, but ethos. A qualification will not make an IFA a better adviser. To try and force those within 10 years or so of expected retirement to take qualifications to continue what they have been doing for many years is just not on. The FSA seems not to understand this. Can we design higher qualifications for FSA employees to prove the point? Incidentally, what qualifications do the FSA employees need to do the job?

  2. David Trenner - Intelligent Pensions 16th December 2009 at 3:28 pm

    “Being professional in carrying out an IFA role is not proved by exam qualification”

    Maybe not, but being unprofessional is often proved by a lack of qualification! Remember pre 88 when your “IFA” of today was your milkman of yesterday??

  3. Maybe the FSA should take a leaf out of Euripides book

    “Cleverness is not wisdom”

  4. Yet more interference from the FSA in an area they really don’t understand.

    The problem with “Brown’s legacy” is that they have tried to be everything to everyone since their formation!

    They have failed to learn from their catastrophic mistakes they have made! Is it any wonder the Conservatives are planning to disband them?

    Good riddance to a weak incompetent regulator in my opinion!

  5. I agree with Derek Vivian’s comments above. With 30+ years industry experience, I believe I do the best job I can for my clients. I am always willing to learn new things and keep up to date in the evolving world of financial services. What I find harder as I get older is remembering detail to take into an examinination. Why cant the exams be more user friendly, after all, they are only supposed to be checking our knowledge or surely our ability to check things out for our clients. Only this week a client asked me a question I couldn’t answer on the night. I assured her I would check it out and get back to her. I did this and she didn’t think of me as a failure but more thanked me for looking into the matter and getting back to her. In the real world, this is how we do our jobs.
    I would like to see multi choice exams – avoiding a 6 week nervous wait .

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