Last week the Financial Conduct Authority and the Chartered Insurance Institute (CII) announced plans for a new test to reassess whether or not advisers with the level 4 Diploma in Financial Planning still have sufficient knowledge.
However, industry figures hit back, saying the test won’t improve the industry’s lack of formal education when it comes to investments.
A spokesman for the UK’s largest wealth manager told PA‘s sister title International Adviser, SJP always kept its adviser training under continuous review and the new CII qualification had only been announced on 5 September.
He said at the moment SJP had “no immediate plans to change what we have in place” and put emphasis on the continuous review it put its adviser training under.
The CII course is the result of a collaboration with the FCA to create the non-mandatory ‘Regulated Retail Investment Adviser Re-evaluation’ test of the level 4 Diploma in Financial Planning. The assessment is aimed at raising the standards and competence of financial advisers in the UK , which will be rolled out by the CII from 1 October 2018.
Firms will be encouraged to use the test, with the FCA saying it may use as it a supervisory tool if it thinks “it is appropriate to ask firms to re-test specific advisers”.
Encouraging continuous learning
In an official statement, SJP said: “At St James’s Place we have a comprehensive and structured Chartered programme that encourages continuous learning to ensure our advisers remain highly competent.
“This is supported by access to subject matter experts and management tools that are specially designed to keep our Partner Practices up to date on technical developments across the sector.
“We are confident in the format of our existing programme to cater for the continuing professional development of our advisers and support staff. We’ve no current plans to change this but will continue to keep it under review.”
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