A third of brokers quizzed for the BIBA Broker Training Survey identified technical training as the biggest talent shortage in the industry ahead of personal skills, IT and management skills.
However, despite an acknowledgement of the training requirements, two out of five intermediaries do not have a training plan in place and a third do not arrange any training at all.
Just over half have a training budget to work from and two-thirds of those who have the money to spend on training have a budget of less than £10,000.
Julie Saunders, training co-ordinator at BIBA, said: “It is definitely the case that training is currently the hot industry topic and that statutory regulation has been a major incentive to make sure employees meet the required standards. Brokers in the know will acknowledge that a commitment to training pays off.”
Nearly 90 per cent of intermediaries questioned said their training requirements have increased since FSA regulation and 80 per cent encouraged their staff to take examinations.
Mark Roberts, head of faculty – financial regulation at the Institute of Financial Services (ifs), said: “For mortgage specialists who just touch on one area of insurance, focused, flexible and on-demand education is their best option.
“A single module qualification, such as the Certificate in Regulated General Insurance (CeRGI), allows advisers to focus their studies on specific areas of general insurance while gaining an appropriate qualification.”
