Allied Dunbar is introducing a strict training system for its sales team after its franchisees failed an inspection by the PIA.
All advisers will have to undertake a mandatory five training days a year and then pass an FPC-type test in order to maintain their individual licences.
The 4,700-strong salesforce will have to resit their FPC 1, 2 and 3 exams after the PIA found competency was below standard. Anyone failing the initial exam will be prevented from advising until they pass.
There will also be a three strikes policy on the immediate retesting – anyone failing their exams three times will have their individual contract with Dunbar reviewed.
Chief executive Keith Baldwin says: “I share the PIA's concern that product knowledge, once learned, should not be forgotten. I'm determined that our commitment to professional face-to-face advice is seen and believed by our customers. That is why we are implementing robust mandatory testing and continuous assessment and development.”