FSA extends 2012 level four deadline for new entrants

Are there any?

If anyone is taking this seriously, they would have started taking the exams by now, CII or the other coursework route.

But where is the incentive if the Level 4 requirement becomes more and more watered down? I heard that a multiple choice test was being formulated now, next it will be a simple questionnaire (??) or perhaps nothing at all in the end!

Actually all of this doesn't really matter to me anymore.

I have the CII Diploma already and will be chartered after 3 more exams. I used it as a great opportunity to specialise in trusts and pensions and the academic knowledge gained has really helped me develop my career and direction going forward.

A good routine of one exam every 6 months should be a benchmark for those wishing to succeed here.

And if anyone starts saying, 'oh well it is not all exams that count, it is that good old fashioned experience......because I used to knock on the doors of customers as a Royal London salesman (oh sorry, financial adviser) back in 1988', try using that with your professional connections, (lawyers and accountants etc) they will be really impressed, oh yes indeed.

made me chuckle.

Why the FSA just don't shut up as they keep sending drivel out is beyond me. After the Mansion House speech they may be history anyway.

Ciao Ciao parasite boys and girls..................

Re Simon Lake's comments.

I also have the current Diploma qualification. I likewise enjoyed the academic challenge and I feel the qualification reflects the hard work behind the exam preparation. The monthly PFS fee for using the designation reinforces this feeling - at some level the qualification must be worth something if I have to pay to use the designation!

Multi-choice papers just don't do it for me - in my mind I equate them with the original FPC 1 and 2.

If the FSA is scrapped, what do you think will replace it and who will will it employee? In respect of the latter, will we get lower paid people to take on a job that clearly has great responsibility?

Do you think we will have less regulation or a lighter-touch approach?

Lordy, this will cost us dear. To anyone who was thinking of joining our ever reducing ranks in the IFA community, this may be the final straw. worst still imagine the FSA fees that the six or so IFA firms left trading will have to pay !!!!!

Yes, having an insurance company ex-salesman admitting that is what insurance company based advice was, is refreshing.

I started with Hambro Life in 1981when the ads spoke of detached houses and Mercedes cars for previously broke people (though I had both already when I began, just a broke business changed my direction). As soon as I had passed all their internal exams (and the training was excellent), I went IFA because no one company could accommodate all financial needs.

We've come a long way since then, and still have some way to go to be really accepted as a profession.

I am a fan on the need to prove you know it and exams is one of those solutions - but I am puzzled how people become a Champion for these exams etc - just because they have passed the exam does not make them experts - I feel they also have to show they and their business is a success - those are the people I talk too and they seem to be missing from the list

Sort of agree with anon one. Mr Lake is in the first flush of success - I have one to go to get the four. It's a pain but I suppose has some advantages.

However, when he puts in a couple of hundred hours studying for one of the AF's and then gets snookered by some very obscure off-curriculum questions then will he be so enthusiastic or see this for in part for what it is?

The level 4's are challenging but do'able.

In 18 months if he is chartered then please contact and I will eat my hat!

Especially as the new dipolmas are designed to be taken on a standalone basis (without having to do the Certificate before hand).

Also this time limit applies only for those providing regulated advice. If you train people up as a para-palnner first, there's no time limit.

Whilst the FSA's coats would appear to be on "shoogly pegs", they are continuing to pontificate on future events.

The impression one gets from that is that all is in order and it's "business as usual" - and it will continue to be.

I seem to remember Bill Clinton (unsuccessfully) making similar denials!

But the bottom line is that REAL education is important.

I once described education in an insurance company that I worked for as: "A pimple on a manager's arse. Every so often they will scratch it".

Yet proper education brings in business.

Many years ago while still a tied agent, I was referred to a prospective client with approximately £35,000 to invest. This was just after completing FPC, although it didn't become compulsory for several more years - so this was quite some time ago!

I found myself in competition with another tied agent from a well known with-profits company.

I wrote a report with recommendations including a reserve fund, some unit trusts, CGT planning, PEP's, national savings, husband and wife allowances etc to provide a good spread as tax-efficiently as possible..

The competition? They provided a quote for a £35,000 insurance bond!

Naturally I got the business.

But I do credit the FPC content for preparing me to be able to write a decent and accurate, full report.

When I started in "Insurance" in 1970 I was given rate books and told to go out and sell with little knowledge and virtually no training.

I concentrated mainly on general and motor insurance as I could understand these better.

It was only in 1977 when through divorce I had the opportunity to change direction when I joined Hambro Life. I chose them because of the excellent training they offered.

Once trained I moved on to join a Brokerage to gain more experience before becoming an IFA in 1980.

I agree 100% on gaining knowledge through qualifications,having gained the FPC and subsequently two subjects at AFPC.

I have continued to take exams but what I have found is that I cannot complete the questions in the time allowed.

I have the knowledge and the experience and I know where to look ,or, refer to a colleague where necessary.

Most of my clients are of the older generation and therefore I am dealing principally with capital investment, CGT, IHT,

etc.,

I pass on morgage enquiries to a mortgage broker and pensions to a specialist.

Because I do not have the required exam does not mean that I don't have commonsense.

I hope to carry on working for another 15 years, God willing, because I love my work and the challenge of finding solutions to people's problems.

I just have to gain a few more points !!!