Advisers are in quandary over which exam courses to take
Worrying gaps in the qualifications gained by prot- ection advisers could appear because the Financial Serv- ices Authority (FSA) has not confirmed which exams will be compulsory under its new regime.
Guests at the latest Cover Think Tank shared concern that some firms may delay sending staff on courses until the final rules are confirmed, fearing they may waste money on the wrong qualifications.
According to the roundtable debate, instead of increasing competence, the introduction of the new regulator could hinder training, meaning some advisers could lose out on gaining valuable qualifications in the interim.
Dean Laley, divisional director of healthcare at Towry Law, said he would not send any of his advisers on exam courses until the FSA clarified its stance on qualifications.
'What concerns me is there is no suggestion anywhere in the consultation paper about what will be considered to be appropriate qualifications or training. I've managed to save a considerable amount on next year's training budget because I am not going to send my guys for any Chartered Institute of Insurers' examinations until I find out the regulator is happy that they are the appropriate qualifications. Someone could study for a year for a qualification that is of no use and will have to start again.'
Tony Tudor, director of the Institute of Financial Services, agreed it was vital the FSA shed light on the specific exams advisers will be expected to pass when the regime comes into force in January 2005.
'There was an interesting comment by some MPs when CP160 was presented to them in the Commons. They were surprised it was not tougher on training and competence. So there may be some consumer political lobbying. There is no clarity,' he said.
However, Kevin Carr, senior technical manager at Life Search, said emphasis on training would be more effective than exams for protection advisers.
'For the products we are talking about, there has never been a specific exam. What is the appropriate level? That is the starting point. Then what level of supervision is there? And what impact will that have on many of the providers?' he said.
