St James’s Place says it will stick with its internal adviser assessment programmes rather than offering the planned Chartered Insurance Institute and FCA-backed adviser re-evaluation examination.
Speaking to Money Marketing, an SJP spokesman says the network prefers its in-house continuing professional development, but will not rule out changes going forwards.
He says: “We are confident in the format of our existing programme to cater for the continuing professional development of advisers and our support staff and we’ve no current plans to replace this with the new re-assessment but will continue to review this.”
The FCA has not ruled out using the test results as a supervisory tool and confirmed it may ask firms to re-test specific advisers.
The exam will contain 100 multiple choice questions to identify overall strengths and weaknesses and firms are encouraged to use it to assess the competency of staff.
SJP’s spokesman says CPD at the network already “encourages continuous learning”.
He says: “We have a comprehensive and structured chartered programme to ensure our advisers remain highly competent. This is supported by access to subject matter experts and management tools that are specially designed to keep our partner practices up to date on technical developments across the sector.”