Investment Week, an industry newspaper, has reported that it has seen an advanced copy of a Government Paper proposing the overhaul of financial adviser qualifications and gradings to restrict what areas people can advise on if they only have basic qualifications.
These will be graded similar to Degree, A Level and GCSE. The Degree Equivalent Adviser being able to offer full advice. The A Level Equivalent Adviser being able to offer focused advice on certian specialist areas. The GCSE Equivalent Adviser being able to offer focused advice on generic products and government approved "friendly" products areas.
Our View
Well about time! We have 'harped on' about lower quality advisers, who let's face it are not qualified to offer advice on certain more complex areas, being allowed to do so with no checks. Just having s string of letters after the name of the adviser can mean nothing. See our money clinic feature "How qualified is your adviser?"
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