Advice sector facing 'extensive skills shortage'

A survey of 279 employers in the financial advice sector reveals 81% claim to be facing recruitment difficulties and 72% cite skills shortages as the reason for this. According to the skills needs report on sector skills needs, firms attending FSSC employer forums said the nature of an IFA’s work necessitates extensive experience and knowledge of products and services, while regulation imposes significant costs around the need for relevant qualifications and compliance requirements. The report states: “The tendency to recruit new people to cope with the workload is constrained by the st...