The Financial Services Skills Council (FSSC) has rejected criticism from the Commission for Employment and Skills (CES), which suggests it is badly managed.
In a recent report, the CES said the FSSC failed to meet its standards as a well-run sector skills council (SSC).
The FSSC strongly denies the CES's claims, saying it has made great strides in recent years.
It also cites a National Audit Office (NAO) report, which noted the skills council had made significant improvements in the way it operates, and did not identify any critical failures within the organisation.
Roy Leighton, chairman of the FSSC, says: "The Commission's recommendation to Ministers makes the FSSC's difficult work even more difficult. The FSSC has the most complex constituency of practitioners and stakeholders of any SSC.
"The sector is populated by many professional bodies which have established and highly developed training and accredited programmes in place."
Leighton says his skills council must be careful not to usurp the existing training and qualifications bodies in the sector, as this would ruin the high quality schemes that already exist.
He also questions the CES's definition of well run, saying it focuses on factors such as results and outcomes, rather than the way the organisation is managed.
"It is absolutely wrong to say the FSSC is not well-run in a way which any professional would understand that term and to say so demeans the considerable professionalism of the organisation," he adds.
The CES had decided to extend the FSSC's existing licence, but has submitted its report to ministers for consideration.
Industry Voice: Scottish Widows pension expert Robert Cochran and economist Andrew Scott discuss the future of employment and income, in episode three of Scottish Widows' podcast series.
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