As part of its RDR white paper, the company says that advisers who want to retire by 2018 and do not want to reach the QCA level 4 qualification could instead take a single financial planning exam.
This exam would be the Charteresd Insurance Institute’s AF5 or equivalent, which forms one part of the CII’s advanced diploma qualification.
Sesame says that all other advisers in the UK should be required to achieve a QCA level 4 qualification by June 2013 in order to continue advising clients.
By 2018, any adviser who has not reached level 4 would have to leave the industry.
Head of Sesame Learning Paul Dawson says: “Some people may disagree with these dates, claiming they are too far away but I believe it is important, and only fair, for advisers that have served their profession well to have the opportunity to manage the exit from their business in an orderly manner.”
Lowes Financial Management managing director Ian Lowes says while the industry should avoid forcing advisers into early retirement, a 10-year time frame is too long.
He says: “To have a situation where advisers can operate for another 10 years with only one exam is not in the spirit of what we are trying to achieve.”