Over 1,000 sign up for RDR-ready qualification

Over 1,000 advisers are expected to sign up for a diploma level qualification, showing they are keen to prepare for tougher rules on professionalism.

The Diploma for Financial Advisers (DipFA) was launched by ifs School of Finance to meet the likely demands of the Retail Distribution Review (RDR).

Mark Roberts, head of financial regulation at the ifs School of Finance, believes the impressive registration rate is due to the DipFA costing £500 and the fact there is no requirement for those taking the exam to be a member of ifs School of Finance.

He says another reason for take-up is the DipFA is realistically achievable within 12 months. “This was using the traditional measure of an academic year, in fact for dedicated advisers it would be possible to complete DipFA within six months,” he adds.

The qualifications company says it is on target to receive 1,000 registrations for the diploma by the time the application process closes on October 31 2008. Subsequent registration periods close in May and October 2009.

The first DipFA examination will take place in April 2009 at test centres in London, Birmingham, Bristol, Peterborough, Manchester, Newcastle, Edinburgh and Belfast.

Roberts says: “This unique qualification will test and develop skills, as well as technical understanding; ensuring advisers not only have the necessary knowledge but that they can put it into practice.

“Being set at QCA level 4 and therefore meeting one of the likely objectives of the RDR, is an added bonus.”

However, the launch of the course has revived the debate on whether experienced financial advisers should be forced to pay for qualifications they may not need.

DipFA becomes the third QCA Level 4 - equivalent to a first-year university course- available to financial advisers.

Advisers can contact the ifs School of finance on 01227 818 609 or visit www.ifslearning.ac.uk for more information.