The Financial Services Skills Council (FSSC) has launched a new national standard for financial advisers who work with older clients.
The Later Life Adviser Accreditation Scheme was developed by the FSSC in conjunction with SVARfair, a financial services consultancy.
The new standard is aimed at advisers with a high level of competence in dealing with older clients and is supported by a number of charities, consumer bodies and firms that specialise in the older client market.
The standard builds on the FSA’s basic requirement for the field and has been supported by the FSA, which also contributed to development costs of the scheme.
Just Retirement was primary development sponsor for the scheme. It says the growing needs of an ageing population mean more advisers will be needed to meet demand in this sector and it hopes the scheme can help meet the shortfall.
Commenting on the launch, Age Concern’s policy adviser, Jane Vass, says: “Age Concern warmly welcomes the Later Life Adviser Accreditation scheme as a way of recognising financial advisers with the specialist skills and knowledge needed to deal with older clients.”
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"More 'tosh'. We can expect a raft of exams, accreditation systems and other 'tosh' from the skills council - they have to justify their own existence. Of course Just Retirement are keen to back the idea - they want the market to themselves. The FSA made a contribution to the development costs - out of my fees and levies. How generous of them.
Long Term Care, IHT planning (avoidance), Equity Release, annuities v USP - if an adviser has the knowledge and experience in dealing in these areas then why does he then need to gain accreditation. Let's be honest - none of it is rocket science. It's only the FSA and organizations such as Just Retirement that would have us believe that ordinary mortals couldn't possibly understand the technicalities and concepts involved - hence the need for accreditation.
More jobs for the boys and hidden agendas." Bill Wells
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