Aifa irked over FSA partial qualifications

Although Aifa has welcomed the recent additional clarification on retail distribution review qualifications, it has also called on the FSA to consider partial legacy qualifications, existing examination frameworks and alternatives to examinations in more detail.

Andrew Strange, director of policy at Aifa, said: "The repeated confirmation that advisers already holding either full legacy qualifications which are not classified at level 4, or full current level 4 qualifications, can address any gaps through formal continuing professional development is welcome.

"However, Aifa is concerned for advisers that only hold partial qualifications. FSA asserts that 'all parts of the qualification must be at a level equivalent to QCF level 4'. Some examination frameworks have historically comprised of both examinations at levels 3 and 4. FSA also does not consider partial qualifications in legacy examinations."

Meanwhile, the announcement from the FSA on 6 March which clarified the required structure of the QCF level 4 qualification as part of the RDR proposals was welcomed by the Chartered Insurance Institute.

Dr Alexander Scott, chief executive of the CII Group said: "This is a most helpful clarification to those advisers who have already achieved our diploma in financial planning and those currently working towards it. These advisers have nothing to fear. This is exactly the statement we wanted."

The statement provided further comment on the FSA's 'no regrets' policy which will enable advisers currently holding or working towards a level 4 qualification the ability to fill any gaps through CPD.