Tenet offers to loan advisers cash to cover exam costs

IFA services provider Tenet is offering all advisers interest-free loans to cover the cost of meeting new minimum qualification requirements ahead of the Retail Distribution Review (RDR).

There is no cap on the amount of the loan, which will help advisers reach QCF Level 4.

The funding, for Tenet members and non-members, will be based on the cost of the particular learning programme used by the individual.

It will cover the cost of any refresher courses or face-to-face support, and the total must be repaid by the adviser over a 12-month period.

Tenet is also offering subsidised training programmes with options including online and face-to-face training, while the company also recently launched a mentoring service, giving advisers support as they go through their exams.

Keith Richards, group distribution and development director at Tenet, said: "Acting sooner regarding qualifications will help to mitigate the pressure felt by many advisers and it is therefore important we provide additional mechanisms to encourage and support a move from intent to action.

"Our enhanced programme offers funding to offset the financial burden and the mentoring helps combat the psychological challenges advisers face and builds confidence.

"Advisers are busy enough dealing with day-to-day business matters, so once they agree to proceed all of the administration is taken care of for them. Even the decision-making in terms of qualification routes is supported, to ensure the whole journey is as stress-free as possible."