PFS debate highlights continuing unease over new qualifications

Fears current professional qualifications will become redundant post-2012 and uncertainty about new qualifications remain widespread, according a debate chaired by The Personal Finance Society (PFS) today.

In the online discussion, Chartered Insurance Institute (CII) business development manager Jim Baylis and CII financial services manager Rebecca Prestage fielded questions advisers on 'Getting to QCF Level 4 and fulfilling your CPD requirement'.

Concerns over the value of existing financial services qualification post-2012 and "top-up" qualifications dominated the questions.

Chairing the panel, PFS chief executive Fay Goddard sought to reassure those already studying: "All advisers need a QCF Level 4 qualification by the end of 2012, but any existing Level 4 qualifications will be mapped against the new qualification."

Yet while current qualifications will be taken into account, under the new rules any "gaps" will need to be filled by further exams under structured Continuing Professional Development (CPD).

Many of the questions reflected uncertainty about the requirements as new FSA qualification standards are still under development and are not set to be completed until March 2010. Awarding bodies will then issue qualifications to meet that criteria.

Goddard advised people already part way through their training to continue, adding only new advisers may wish to wait for the new standards before beginning their studies.

Under the FSA's 'no regrets' policy, Baylis said, current qualifications would not be wasted, though he recommended JO1 and JO6 as core modules which will transfer well to the new qualification.

This morning's Q&A session can be viewed on the PFS site from 3pm today.