Level 4 study 'like community service'

I have to disagree

Sorry Alan, I have to disagree with you on one point. Community service would be more likely to benefit the general public / consumer than the RDR :-)

Posted by: Bill C

Hear Hear

I'm currently sudying RO3 and reached the chapter on IHT and the particular area of irrelevance I have just covered relates to Agricultural relief and Woodlands relief for growing timber in the UK. Add this to the need to have a motor claims representative in each the EEA states I discovered in RO1 and irrelevance is the only word relevant! It would be funny if it weren't so serious.

Posted by: Peter Taylor

Clever wording.....

The increased level of qualification was on the cards back in 1993 when FPC was introduced. The RDR requirement was clear over 4 years ago. Let us not use clever words and phrases like Alan has and put it bluntly. All that has happened is that people like Alan have been too lazy to study as a professional would. They have opted out. I know of advisers who have gone from FPC to Level 4 in 1 year. They have been ill, run a family, met business targets all within a structured approach to CPD within their working week. 500 hours my foot - not for experienced advisers. It is all about attitude and approach and frankly if you do not wish to improve your qualifications then the profession is better without you.

Posted by: Sam Caunt

Level 4 Study

Alan Lakey has achieved a perfect summary of the RDR situation for IFA's. This is particulary relevant for small firms, who by putting their customers first, have precious little time for effectively full time study.

Posted by: Ross Perry

Gone Gone Gone

I reckon this article is all about Mr. Lakey running scared. If he hasn't done anything about getting better qualified in the last 4 or 5 years then what planet is he on? When you are cornered and in trouble it's easier to blame everybody else/the system/ the regulator/ the government than accept the fact that as an individual you have failed to keep up. It's a shame but those that can't keep up will be gone gone gone

Posted by: Phil Stevenson

Goodbye to the dark ages

Mr Lakey may believe obtaining the FPC to give sufficient knowledge to sit in front of a client but I certainly do not.

Posted by: Ross Perot

Arrogance

Phil your comment is so typical off the arrogance of people for whom life has gone to plan.My dear wife was diagnosed with cancer in Dec;2009 and died in Oct;2010. During my wife's illness I was a full time carer and study was the last thing on my mind. Now on top of running a house and business I am told that unless I spend a fortune in time and money between now and the end of 2012 I will not be allowed to work the last two and a half years up to age 65. During my time as carer I was not able to receive any financial help from the government as I am allegedly self employed. I feel more like I work for a jack booted bully who if they make a mistake I have to pay,if I am unable to meet all their dictates well then I'm sacked. I would ask this question,will I be able to claim the dole when they put me out of work.

Posted by: David McMeekin

Pompous Twaddle

Some people's assumptions here that exams = competence are truly laughable and so naive its untrue.

Posted by: Derek Gair

They shoot horses don't they

Every sympathy David I am in a similar position. I will be unemployed on 01/01/13. Neither you nor I will have recourse to state benefits as we are self employed and not eligible for them.I will not be able to claim state pension until I reach 65 which will be 2015. Age discrimination does exist. Who will employ us for the last couple of years of our working lives. Who cares anyway? Not the regulator, not the state, not the other advisers whose lives as you so rightly say have gone to plan. We will be consigned to the scrap heap with all the other dinosaurs as they are prone to call us. Oh well at least ny 87 year old mother will be pleased that I will have more time to care for her.

Posted by: lol

David McMeekin

The question I would be asking David is:- Why are you still self-employed? Surely with all the litigation possibility you should really be advising via a Ltd Company. That way you can at least get made redundant when it all blows up and you can claim buroo money as well ; )

Posted by: Alex Docherty

Goodbye to the dark ages

Having met advisers who have "years of experience therefore that makes me competent", and then having had to explain the tax treatment of a UT vs a Inv Bond, I think I'll take an adviser with a proven level of knowledge (exams) and experience every time thanks!

Posted by: Ross Perot

'Too lazy to study'

I have to say I find the attitude of Sam Caunt et al pretty obnoxious. I reached Level 4 some time ago and have studied to University postgraduate level in a past life so I don't have an aversion to examinations. However, to effectively label Alan Lakey as, "too lazy to study as a professional would" is totally out of order. The inference here is: 1)'Alan Lakey is lazy'. In my opinion, running a successful IFA practice, producing frequent and useful articles for various media and seeking to work on behalf of other IFAs is not an indication of laziness. 2)'Professionals are not lazy' - really??? I'm sure most of us could produce the names of dozens of accountants and solicitors (you know, those professionals we are being encouraged to ape) who have a problem with their work ethic. 3)'Alan Lakey is not professional' - some of the very best stuff I have read in recent years in relation to critical illness cover has been produced by Alan Lakey.He is clearly an intelligent, thoughtful and professional adviser. I don't know Alan Lakey from Adam but I do know that I have learnt a lot from what he has produced in the last few years which is relevant to and beneficial for my clients. Sam Caunt, on the other hand.......

Posted by: John Hagan

Scope of authority

I am quite sure that many areas of examination are irrelevant for all IFAs (that motor insurance point being one). However, I think that Peter Taylor is sellign himself short. In thinking that APR and Woodland relief are irellevant wood not (pardon the aliteration) and IFA be ignoring the possibility of unregulated collectives and direct investment in the latter and being able to properly advise those affected by the former (as examples). One IHT csae I had involved a "portfolio" of £1m of Lloyds Bank anda couple of £100k of Barclays. You can imagine the gains at the time (circa '98). Without the ability to advise on EIS I couldn't begin to make inroads into that. The complinace director thought that the EIS were risky and the banks were safe; Oh well! I think the FSA are being unrealistic in demanding that IFAS "know and understand every option out there as how many clients are going to be suitable for much more than mainstream products. But for IFAs to be self limiting to too narrow a field does neither their profession nor the viability any favours.

Posted by: David

Level 4 qualification

having already attained the level four diploma, I totally agree with alan on this one. Read some of the CII textbooks and see how poorly some sections are written, it would be funny if it wasn't such a serious matter.

Posted by: Neil Coutts

rdr exams

I too felt the same way having worked 20 years in this industry and have many years experience however when a younger wipper snapper started to be a "vulture" to my business and thought I was easy pray for him to take over my clients, I thought hang on - they are not taking my career away from me I shall take these bl@@@y exams and show then - the RO route multiple choice I am better at and I aim to pass 3 this year and 2 next year just to show them I can!! Debra Sheffield

Posted by: Debra Donoghue

Woodland Relief

David,I will eat my humble pie publicly if I ever need to utilise my knowledge of Woodland relief!

Posted by: Peter Taylor