A new pilot financial services examination testing technical knowledge and advice has been suggested that it would reduce the costs of professional indemnity insurance and improve financial advisers competency if it were made compulsory.
Our view
We do not know enough about the new examination to comment. However, we would add that there are plenty of benchmark tests for the financial industry including
Stop "pussy footing around" make it the standard for all people who offer advice in finance.
This is just another money spinning exercise to get us all to pay for and sit another exam. All advisers at are required to have "a degree" in financial services!
Why should highly qualified advisers have to sit an exam that is already below their standard!