Is there no one able to ask obvious questions about this preposterous situation?
First, under what authority will these awarding bodies do this? Answer: they have no authority to demand compulsion. This would require primary legislation (highly unlikely) and is also challengeable under EU law as it would effectively be a closed shop.
Two, why do this? Answer: self-serving greed of these bodies, compulsory membership fees for all.
The other arguments are pathetically weak. For instance, the idea this would clear the alphabet soup – it is these bodies that have created the soup because it serves their interests. Avoiding the soup is simple, as the IFS rightly points out – the string of letters confuse because bodies grant them just for being a member of a club, unlike all other professions where letters represent an individual’s qualifications.
The code of ethics excuse is madness – professional bodies are appalling at enforcing these, name one that is not. It is the FSA’s job to enforce, not professional bodies.
Three, on the subject of the IFS, has no one thought to ask why financial services’ biggest awarding body is not involved? If it is refusing to be involved, surely that must suggest there is something not right with it?
Finally, hiding under the veil of professionalism is a disgrace – no one would support less professionalism. We all support it, but that does not mean everything under the sun can be steamrollered through on the pretence that it is being done in the name of raising professionalism.