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A work based assessment RDR qualification with no exam element has been approved by the FSA and will be available to advisers from the end of the month.
The National Skills Academy for Financial Services and Corporate Training Partnerships (CTP) have confirmed the Experience Counts alternative assessment has been added to the FSA's qualification list.
With no written or oral examination element, assessors will travel to the adviser's workplace and conduct assessments based on client, regulatory and CPD records.
They will also consider "any other documentation" which proves that the adviser meets all examination standards.
Successful candidates will receive a Diploma in Investment Planning, at QCF Level 4, from the Chartered Institute of Bankers in Scotland.
Jayne Owen, CEO of CTP, says: "The pilot is underway and progressing smoothly. It should be complete by the end of March when anyone who wishes to consider this approach will be able to complete a diagnostic test to check that this route is suitable for them."
The CII recently launched its alternative assessment QCF Level 4 qualification, which will require advisers to pass a one-day 'professional discussion' on four case studies and a technical interview.
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No Exam Diploma
It might be a loophole for bank "advisers", however if it wasnt for the cost, I have been quoted £3,000 for two days work( in my network if you earnt that every 2 days, they would haul you in, mustnt make to much money) anyway I applied because stress of exams my oncologist informs me will hasten my demise, unfortunately due to service in the Royal Navy, I have asbestos in my lung lining Methoselioma, no cure, no lump sum compensation for ex serviceman pre 1987, "Crown Imunity" for MOD and Government..small pension though. I applied to the FSA for dispensation, my Compliance Director said he would back me...guess what, they dont listen or care, I had an email from a service area clerk at FSA HO listing all the exams I could take??? Options £3,000,or leave the industry after over 40 years and nil complaints I dont know if I will be alive at the end of 2012, I hope so and battle accordingly as I like my career dealing and looking after clients, so the options are limited for disabled people, in fact the FSA is discriminating against disabled people as they wont entertain medical conditions. Please dont think I am "playing a violin for pity", no I am emphasising again the cold approach of Mr Sants asnd his crew, and by the way the MP supporting IFA's I copied in on my email to the FSA and their reply...no reply from him either????
Posted by: cliff.linsdell ifa
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Loophole for Bankers?
Well,well, it comes as no surprise that after manufacturing a new set of exams to get to the next level, and taking more money from IFA's - who may have committed to J0 exams and now R0 exams- as I have-That none other than the Institute of Bankers have come up with a work based alternative to get their "advisers" up to level 4. I bet that the cost to IFAs is a couple of thousand per person, but I'm fairly sure that the Banks will be paying for their own advisers to get through this tough assignment. Advice? Hold your horses until the last minute( 6 months before RDR- whenever that is? ) then choose the latest loophole route.
Posted by: Dave King