Retail Distribution Review

Written evidence submitted by George Collier

RDR has some merit but I don't know any IFAs aged 50+ who feel the need to take further qualifications.  The exam peddlers at the CII argue that 'If we are so experienced, we should have no trouble passing the exams'  But the truth is that most 50 year old IFAs haven't needed to study for nearly 30 years and will retire early rather than be forced to take these higher level qualifications that they will only need for a few years post 2012 before they retire. 

My employer's Training and Competency Scheme requires me to be observed several times each year actually doing the job.  I also have my advice being checked by a sales Quality team and I have to prove my competency annually by passing my employers internal exams that are vetted by the FSA.  So why should I have to take further external professional qualifications, particularly when these external exams cover areas of financial advice in which I do not get involved as I operate in a niche market.

Add to that the fact that my ability to guide clients through a complex area of financial planning is subject to independent assessment in order for me to remain a member of the Society of Later Life Advisers and I just cannot see why any further qualification will be of any benefit to consumers.  

Surely the answer is to let advisers aged over 55 carry on as before but with the proviso they must reach Diploma level by age 65.  That would allow all of us time to retire gracefully rather than walk away from the profession at the end of 2012 leaving consumers either under serviced or serviced by young, inexperience but highly qualified advisers and sales people peddling products.

December 2010