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A "talent pool"of advisers with both the technical and soft skills required for advising older people will be created thanks to the introduction of the Later Life Accreditation scheme.

Developed by the Financial Services Skills Council, with financial support from the FSA and sponsors Just Retirement and Partnership Assurance, the Later Life Accreditation builds on the existing FSA qualification in this area. It recognises the enhanced level of skills, knowledge and empathy that advisers need to have to work specifically with older clients who may be at a more vulnerable stage of their lives, the FSSC said.

Robert Selman, training manager for Just Retirement, said: "Without action we are heading towards a significant hiatus in the ability of the financial services industry to meet the advice needs of our ageing population. The Later Life Adviser Accreditation scheme seeks to meet this shortfall, seeking to create a 'talent pool' of those advisers who have demonstrated both technical and soft skill competence in relevant areas of advising older clients."

Bill Calderbank, managing director of Care Asset Management, said: "This will undoubtedly help the consumer to select advisers who are proven to have the knowledge and skills to deal with their particular issues. The award not only recognises technical ability but also the adviser's ability to deal with people at what can be a very difficult time in their lives in a sensitive and understanding way. With all of these skills subject to independent assessment and verification, the consumer can feel confident that accredited advisers will be able to provide guidance they can rely on."

To achieve the accreditation, advisers must hold the minimum FSA-required qualification, demonstrate their abilities through work-based assessment, work within a "supportive environment" in which their specialist skills are honed and updated, and compete an annual continuing professional development programme.

Sheila Scott OBE, chief executive of the National Care Association, said: "Financial peace of mind in later life is absolutely crucial and if the public want to be assured of getting the very best advice, they must consult someone who has been awarded the Later Life Adviser Accreditation."