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17/02/2010 - Leading figures take on FSA’s alternative assessments challenge

A group of leading individuals from the financial sector have come together under the chairmanship of Ken Davy to examine the practical issues of the FSA’s proposed Alternative Assessment route to Level 4 qualification.

The Alternative Assessment Project Group is completely independent of any organisation and includes: Editor of Money Management, Janet Walford OBE; Peter Hales, a former president of the CII and former director of NU; Len Warwick CBE, an active IFA and former SIB board member responsible for the training and competence scheme and an LIA past president; Tony Wickenden, joint managing director of Technical Connection; and Steve Braidford, managing director of the New Model Business Academy.

In a statement on its objectives the group comments, “In proposing the alternative assessment route to Level 4 qualification the FSA has given an opportunity to both the profession and the awarding bodies to create a viable and appropriate alternative to examinations.

“The need now is for the sector to take this opportunity by providing creative, practical and robust methods through which advisers can demonstrate Level 4 competence that are founded on proven ability.

“Qualification by examination will remain the preferred route for most IFAs. However the FSA has recognised that, for a significant minority of good quality advisers, exams may not be their preferred route. As a result ‘alternative assessment’ methods are needed to provide these individuals with the opportunity to demonstrate their Level 4 abilities based on practical experience.

“As an independent project group our objective is to work with the awarding bodies and other organisations to encourage the development of a range of practical and economically viable assessments that will enable advisers to demonstrate and achieve Level 4 competence in a real life environment”. E-learning, course work, past experience, CPD and real world technical competence are all ways in which Level 4 equivalence could be demonstrated. It is not difficult to envisage these and other methodologies being brought together along with appropriate gap analysis and gap filling to help IFAs meet the Level 4 requirement.

Importantly, whilst not a cheap option it may be possible for much of this work to be delivered through technology and desk based research, enabling costs to be minimised.

In the coming weeks the Project Group anticipates carrying out further research into the possibilities and meeting with various interested parties to facilitate the laying of the foundations for the delivery of practical alternative assessment solutions for financial advisers.

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17/02/2010 - Leading figures take on FSA’s alternative assessments challenge