A new body or Skills Council is being created and headed by the FSA's David Jackman to oversee refor...
A new body or Skills Council is being created and headed by the FSA's David Jackman to oversee reform of exam requirements for financial advisers.
News from the FSA this morning revealed that proposals for the overhaul of financial advisers training and competence requirements is now being redeveloped by a separate body called the Skills Council for Financial Services (SCFS), now headed by David Jackman - former head of industry training and business ethics for the FSA.
Jackman and two other members of the FSA training and competence team have been seconded to the new body to get a licence by the end of the year from the Secretary of State for Education and Skills, and not the Treasury as might usually be expected with anything related to financial services.
All other members of the FSA's department of industry training team will now work alongside the investment supervision team, because the FSA believes it will create a closer link between the division which regulates and supervises most financial firms.
While the Industry training team will continue to deliver distance learning support and T&C sourcebooks, the SCFS will work with employers, trade unions, professional bodies and the government to produce the new exam framework as well as FSA requirements on business ethics.
Discovery of the development changes coincides with the FSA's publication of a 21-page feedback statement to CP157 - the first strand of reform proposals for investment advice and the retail financial services exam framework.
It has now been over 18 months since initial proposals to completely reform the training and competence requirements of anyone delivering financial advice were first proposed by the FSA in December 2001.
Among the key responses to a modular system of examinations, there appears to be little comment about plans to push for a higher standard of financial advice or 'planning' as the expected standard for anyone carrying the financial advisers label.
In general, the FSA says it discovered there is a "blurring" of the planning and advice concepts because financial advice tends to contain planning as part of the integral holistic approach.
Click thru the next story to view details of the CP157 feedback statement - due to be published on Tuesday 8th July at 16:00.
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