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Topics: AIFA| Chris Cummings
The Association of IFAs (AIFA) is calling on the Government to extend its ‘Train to Gain’ scheme to the financial advice sector in this month’s pre-Budget Report (PBR).
It argues the move would help IFAs achieve the required QCF Level 4 qualification and ensure they are able to continue servicing their clients after the RDR's 2012 implementation deadline.
Train to Gain provides access for eligible employees to up to £1,500 worth of training support.
"This support will ensure more IFAs stay in the profession, providing people with trusted and valued independent financial advice for many years to come," AIFA director general Chris Cummings says.
"If not, there is a real danger that advisers will leave the sector, with the resulting potential for significant consumer detriment."
AIFA is also calling for the removal of the tax limit for financial advice for employees, "to encourage firms and employees to access independent advice, and as a result make more, and better, provision for themselves".
At present employers can contribute up to £150 towards the cost of financial advice for employees, before classification as a benefit-in-kind and therefore becoming taxable.
"AIFA wishes to see this tax limit removed to encourage firms and employees to access this vital independent advice," Cummings says.
"The Government should use the PBR to support and promote access to independent financial advice in the workplace."
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| Comment | AIFA demands PBR support for IFAs' Level 4 studies |
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Funds for those already qualified?
A really good idea from AIFA. It would be greatly enhanced if they were also to procure additional funds for those who have got off their backsides and already taken level 4 exams. Over to you Mr. Cummings
Posted by: Simon
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Come on Chris get angry!
Chris yes you are of course correct but what about the morality and legality of this rather than just an acceptance and a request for a little charity? Let us look at a comparison. Anyone who wishes to “BECOME” a nurse will need to have a degree within four years. Note the word “BECOME” a nurse! This does not apply to existing nurses. Can you imagine the College of Nursing saying to the government: Thanks for the threat of termination to the whole nursing profession, can we have a little financial support to help! Just imagine the outcry if, like IFAs this was applied to existing nurses! It is of course right and proper to improve the quality of advice and to increase consumer trust and confidence. But that that does not justify disqualifying an authorised person who has been authorised for many years and who, by definition, has been a fit and proper person satisfying the requirements of the regulator. From a practical point of view that person has not ceased to be fit and proper simply because the FSA raises the required qualifications. Come on Chris diplomacy has failed its time to get angry!
Posted by: SIMON MANSELL