Aviva and the Paradigm Academy - supporting you every step of the way
Worried about the RDR? Help is at hand…
No other aspect of the RDR has been provoking as much debate in the industry as the proposals to increase the minimum level of qualification to QCF Level 4, by the end of 2012. Many advisers are already taking positive action to respond to the challenge and Aviva’s research shows that 25% of advisers say that qualifications are their primary RDR concern.
Of course this isn’t only an issue for advisers, but one which concerns the entire industry; the reputation of the financial services industry would benefit substantially from public recognition of a single consistent standard of qualification at a level customers respect. QCF Level 4 equates broadly to the first year of a Bachelors degree, and whilst this may still be lower than some customers expect, it closes the gap significantly.
We should take a moment to recognise that achieving a QCF Level 4 qualification may be very difficult for many. A quarter of advisers in our research are saying that they will leave the retail investment industry and the challenge of sitting further examinations will have been an important factor in this outlook. However with ongoing uncertainty about this route from the FSA, most advisers are likely to opt to sit exams.
A key aspect of the debate has been the degree to which examinations or practical experience best assess the capability of advisers. Against the need to sit formal qualifications we believe that work based assessment should offer an appropriate alternative method for advisers to demonstrate QCF Level 4 knowledge.
With the need for additional qualifications in mind we launched the Aviva Financial Adviser Academy in 2008, in conjunction with the CII. With over 6,400 members the Academy’s popularity with advisers is clear and we offer free entry to all advisers who are members of a professional body. The academy website has been developed further recently based on feedback from our members; it now offers an improved experience with easier navigation, and new study material.
We’ve also launched our new package options of CII materials and are currently building support for the new Diploma in Regulated Financial Planning (“R” Exams). We know that our members learn in different ways, so to ensure that advisers get the support that works for them we offer a total of four CII study packages. Whatever learning style works for you, we are confident that we have the right package.
It is encouraging that so many advisers have committed themselves to the challenge and we intend to provide as much support as possible along the way. However for those who have yet to begin the climb, the message is a clear one – there is no reason to delay, and no time to lose! Visit the Financial Adviser Academy at aviva.co.uk/academy for details on how to register.
