PFS and the CII may launch advanced-level exam as in savings and pensions
Protection IFA LifeSearch has revealed that it is in talks with the two organisations about creating the test in a bid to raise standards of protection advice in the UK.
Referring to the discussions, Kevin Carr, head of protection strategy at LifeSearch, said: "We agree that issues such as underwriting, claims, product selection and trusts are becoming increasingly important in the area of protection advice. There are a number of potential options available, which will be considered on an ongoing basis, including guidance notes, adviser events and possibly a specialist protection examination."
Carr said there was already a basic level exam on protection, but argued there should be calls for a specialist advanced-level exam. "The savings and pensions arena already have advanced-level exams. Protection should have one too," he added.
Other advisers applauded the move. IFA Peter Chadborn, principal at CBK, said he would welcome a specialist protection exam. He added: "This would be a step towards quality protection advice being seen as equally important to quality investment or pension advice, which it is."
He continued: "However, these should not be exclusive to advisers as anyone working in the industry could take such an exam to prove their competence."
Bob Perks, director of Falcoln, thought the idea of having protection exams had merit. He said: "Many advisers shun the protection market, often because they don't have enough knowledge or understanding and establishing client needs and awareness of the different product solutions available."
Bob Bullivant, CII deputy director general, revealed that the CII is considering launching a higher qualification. He said: "We are creating a gap analysis of where the current framework may be improved and once this work is complete we will be able to assess what changes we need to make."
Teresa Fritz, principal researcher at Which?, agreed, adding: "The more realistic qualifications the better. In order to level the playing field, only the people who have taken the exam should be the ones allowed to sell it in the UK."
She concluded: "For advisers doing their job correctly, this would give them something to aim for and it would be recognised by consumers that these advisers know what they are doing."
