IFS chief executive Nick Cann told Money Marketing that ideally the minimum qualification would have been set higher at certified or chartered status.
But he said: “Level four is at least a good step in the right direction. This is where people need to be heading and the ones who have already started on certified or chartered status qualifications will still see the benefits.”
Cann said he thinks multi-tied and tied agents will shift across to the independent advice sector, rather than remaining in a sales advice channel.
He said: “If they have to gain the same qualifications and operate under the same standards of professionalism then there’s no reason for them to remain in the sales channel. I think they’re going to want to come across and join our party.
“What we need to focus on now is capturing the imagination of consumers to inspire them to come and get financial advice. There’s still a huge amount of work that needs to be done on that.”