Advisers flock to CII and Scot Wids training centre

The Professional Adviser Study System IFA training course jointly run by Chartered Insurance Institute and Scottish Widows jointly-run has seen hundreds of members join in its first month.

The scheme was launched in June in a bid to help intermediaries up their levels of qualification before they are forced to by the retail development review provisions.

And since then, 300 IFAs have registered with more than 2000 checking out the project's website.

Intermediaries are being offered free study tools and a website as well as course and exam entry material from the CII.

George Andrew, head of market relations for Scottish Widows, said: "The interim statement from the FSA on its retail distribution review proposed higher minimum qualifications for advisers.

"The response to our Professional Adviser Study System launch suggests many are gearing up to get these qualifications now rather than waiting for the outcome of the review."

Nick Bamford, IFA for Surrey-based Informed Choice, welcomed the level of uptake for the Professional Adviser Study System, describing it as progress for the industry.

He said: "It sounds like a bit of progress to me. Where I come from is that the IFA industry needs to improve its level of professional qualifications so any intitiative like this one is to be welcomed.

"There is a general recognition in the industry that this needs to change so it represents good progress in my view."