Financial advisers’ concern at new exams

The warning comes as advisers up and down the country are coming to terms with new FSA regulations that mean many financial advisers need to sit more exams to achieve the minimum qualification standards required to continue practising.

There will also be changes to the way commission structures operate.

Bradford chartered financial planner Catherine Casey said that many practitioners were worrying unnecessarily about taking exams for which they were already qualified.

“Most advisers already have the technical knowledge they need to pass the exams, but they’re avoiding the issue,” she said.

“It could be years since they sat an exam, and that fear is preventing them from putting themselves forward for the new qualifications.”

Ms Casey, who set up the exam-mentoring service, Qualified Adviser, to support IFAs through the qualification process, said advisers need to think ahead.

“It takes most people at least nine months to go through the exam process if they currently only hold the basic qualification, so it’s important that people start taking action now,” she warned.

“For many, it’s simply a case of filling in a few knowledge gaps and learning how to prepare for exams, maximise marks and approach the questions.”

As well as online and telephone mentoring, Ms Casey is running seminars and half-day exam skills workshops across Yorkshire specifically aimed at financial advisers seeking compliance with the Retail Distribution Review.

“The workshops and mentoring programmes will address their concerns in relation to the new rules,” she said.