IFP is pleased that amongst other things, the regulator has clarified which qualifications will exempt authorised individuals from the need to sit the new level 4 examinations.
As expected, Certified Financial Planner Certification and IFP Fellowship both appear on the FSA's list of appropriate examinations.
"Qualifications gap filling" will now be assessed by IFP in order to ensure that Certificants and Fellows are able to map out appropriate CPD activities that will cover any outstanding areas of competence as are required under the new rules post 2012.
Such work is already underway and IFP will be contacting members accordingly in due course with details.
Nick Cann, CEO of IFP believes that the consultation paper is great news for Financial Planners and Financial Planning businesses as it clarifies many important issues in readiness for 2013.
He commented: “The IFP will be submitting an application to the FSA in order to become an accredited body and we look forward to continuing to provide value and support to both current and future members as a result.
“The CFPCM certification and IFP Fellowship are included on the list of appropriate examinations. The IFP will also in due course be offering advisers and planners access to a level 4 qualification which meets the new exam standards and requirements."
FSA have also clarified their stance on CPD via this paper, and in particular on ethics requirements. IFP members are already required to comply with its own CPD standards, which already meets the proposed requirements set out by FSA.
The IFP code of ethics and practice standards also exceed the minimum requirements set out in CP10/14.
