For those that stay there are new requirements. Advisers must constantly upgrade their knowledge throughout their working life - it is not enough just to have reached QCF level four in their qualifications. They must adopt a continuing professional development programme, of a minimum of 35 hours of CPD altogether.

Of this, at least 21 hours must be structured, which is defined as when an adviser identifies a specific learning need, fulfills that need and produces evidence of having completed the task.

The aim is to make sure advisers do not slide backwards and get complacent in their learning and knowledge of financial services.

But the question that many have asked is whether the authorities will keep the minimum requirement at level four.

Chartered status has been in existence for a number of years, and many advisers have actively opted to go down this path.

However, it is currently seen as the ultimate qualification for financial advisers in the industry.

The question many people are asking is whether this might eventually become the minimum requirement. For those planning to get ahead and wanting to upgrade their qualifications, there is a specific route to follow, and many who have the qualification talk about its effectiveness.

In this special report, two experts talk about the challenges facing financial advisers in terms of getting advanced qualifications and how to conduct regular CPD. Hopefully it will go some way to enlightening those who need guidance.