The FSSC launched the LLAA scheme in April 2008, which was developed to provide recognition for advisers that provide advice in the older client market.
Following the handover the FSSC says it will continue to endorse the scheme and a member of the Council will chair the LLAA accreditation panel.
The SOLLA has been formed to provide and promote comprehensive financial advice for older people, their families and their carers.
Its remit involves helping consumers find quality and trusted financial advisers who have the knowledge and skills to advise older clients. It promotes the benefits of working with a financial adviser who has achieved the LLAA.
Financial Services Skills Council director of skills development Sarah Thwaites says: “One year on since launch, the LLAA is now well established enough to be handed over to SOLLA. Our involvement with the scheme will not end and we will both endorse the scheme and continue to work closely with SOLLA to ensure that the agreed standards and quality is maintained.”
SOLLA joint chair Tish Hanifan says: “The FSSC has achieved much success establishing the LLAA and we are delighted to be able to take over promoting and managing the scheme whilst continuing to work closely with the Council.
“The LLAA is an important development in raising the profile of the benefits of good independent financial advice for older people their families and carers.”