www.unbiased.co.uk , the website which helps consumers find an IFA, has unveiled a new database splitting the 39 IFA qualifications into two groups equivalent to A'Level and undergraduate degree.
The aim of the database, compiled with the Financial Skills Council, is to give consumers an easy way to understand IFA qualifications which currently number 39 from eight different awarding bodies.
Level A is the minimum level of qualification required to be an IFA and includes the CII’s FPC and CFP, the IFS CeFA or the CIOBS CIP qualifications. IFAs with Level A will have a broad-based understanding of the financial services industry.
Meanwhile, advisers with Level B demonstrate a high level of expertise and have a more specialised knowledge of financial products.
The assignment of the qualifications to the two categories took into account a number of factors including entry requirements, content, learning outcomes, occupational outcomes, professional status and qualification progression.
David Elms, chief executive of Unbiased.co.uk, says: “Before the search facility on Unbiased.co.uk the consumer was faced with a bewildering number of qualifications and designations from many different awarding bodies.
“The new search means consumers will be able to compare all of these to the qualifications they are familiar with for example, A Levels and components of an undergraduate degree.”
Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public.
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