Bank Adviser Qualifications Way Behind IFAs

Bank Adviser Qualifications Way Behind IFAs.

A report commissioned by the Financial Services Authority (FSA) has revealed that tied advisers and advisers working for banks and building societies are way being independent advisers in pursuit of the qualification levels required by the RDR.

The findings of the report showed that 50% of independent advisers questioned held at least 1 of the appropriate level 4 qualification.  A further 39% were studying for one at the time of the survey and 4% intended to begin and continue in the industry.

However only 36% of advisers in banks and building societies held an appropriate level 4 qualification and only 29% of other tied advisers held the required qualification.

According to RS Consulting, who conducted the survey, its research shows there are a number of unresolved questions and gaps in the understanding of the RDR requirements which the FSA should address through “more effective communications”.