IFS concern over JPMAM’s gap-fill
Institute of Financial Services raises concerns that firm’s gap-fill sessions do not adequately cover the necessary pensions knowledge.
A spokesman for the IFS said the accredited body had informed JPMAM of concerns related to its gap-fill sessions.
He said: “If you sat DipFA, the JPMorgan gap-fill does not cover the knowledge gaps for pensions. If you were the adviser sitting in that room you could come to us for a free gap-fill tool to cover that area. JPMorgan is aware of the situation.”
His comment came in response to questions raised by IFA Ian Head, who had received an email from Sue Wiggins, continuing professional development manager at the IFS.
In it, she told the adviser for Surrey-based Fund Management, that the questions asked at the JPMAM session were insufficient to meet his gap-fill requirement.
The message, seen by Financial Adviser, said: “We have been in touch with JPMAM over the past couple of months to let it know our thoughts regarding its three gap-fill sessions. JPMorgan is now aware that our pension gap is not included in the content. It is also aware that the questioning it offered at the end of each session, which I believe consisted of about four questions, does not appear sufficient for us to clarify learning in the 18 learning outcomes covered over the three sessions.”
Mr Head said: “It took three days out of my time and cost hundreds of pounds in train fares. My concern is for those IFAs who are unaware that the gap-fill is not relevant and are stuck in the middle.”
A spokesman for JPMorgan said: “Our gap-filling sessions are designed to cover 100 per cent gaps in Financial Services Regulation and Ethics and in Investment Principles and Risk - which is where our area of expertise lies - for Chartered Insurance Institute and Institute of Financial Planning members. While the vast majority of the gaps will be relevant to other accredited bodies, such as the IFS, these organisations might have gaps that fall outside of the areas that we cover.”