IFA raises RDR deadline concern as exam body admits delays
Advisers could face delays of as long as two months as examination firm Calibrand juggles backlog.
An adviser has said he fears he may not hit the Retail Distribution Review deadline despite completing and passing the final exam in his diploma qualification more than two months ago, as exam provider Calibrand admitted it is catching up with what it termed a “small backlog”.
John Miller, independent financial adviser and managing director of Niven Financial, told FTAdviser he has still not received his certificate from exam company Calibrand despite sitting - and passing - his exam more than two months ago on 6 July.
In order to achieve his level four qualification as required by the Retail Distribution Review, Mr Miller needs to send his physical certificate proving he passed the exam to the Institute of Financial Planning, which he fears could take an additional four weeks’ processing time.
Mr Miller is concerned that this delay could make becoming qualified by 31 December difficult and that other advisers who sat Calibrand exams could have similar problems.
He said: “I paid the £160 for it and I think I would be entitled to get a certificate saying I passed it by now. I have got a deadline to meet by the end of December and I might have to consider sitting the exam again with someone else.”
Calibrand is part funded by the Scottish Qualifications Authority.
Denis Saunders, managing director for Calibrand, confirmed that the company has been dealing with an unexpected backlog.
He said: “At the moment we are experiencing unprecedented demand and there is a small backlog that we are working through.
“We are doing all that we have always done which is is to give advisers maximum opportunity to be certified by the deadline.”
He added that advisers can request a confirmation of achievement via email, although he could not confirm if this can be used in lieu of a physical certificate by the Institute of Financial Planning.
However, Mr Miller claims he has requested a confirmation of achievement and made a formal complaint, but that Calibrand has not responded to any of his emails.
Advisers who call the company and select the RDR enquiry option are greeted with an automated voice referring to the website and then disconnected.