In four of the regions – Europe, Asia, the Middle East and South Africa – just over 45% of advisers classified the local qualifications this way. This was the resounding opinion when combined with those who felt the level of qualification was ‘a little low’.
By contrast in the UK, 82% of advisers think the level is about right, with less than 10% feeling it is below par.
Reading the signs
This is a clear message to regulators that the professional bar needs to be raised in the regions where qualifications to practice are much lower, and to follow the lead of other jurisdictions, such as the UK, where most advisers are comfortable with the standard set.
While many countries have new qualifications in the pipeline, it begs the question as to whether or not the process should be accelerated.
While many countries have new qualifications in the pipeline, it begs the question as to whether or not the process should be accelerated.
In the UK, a mistake was made in not introducing higher level qualifications at the same time as a complex latticework of regulations for the financial services industry.
This demonstrates the kind of valuable lesson that can be learnt from other jurisdictions and injects an urgency in the development of these important steps towards an all-singing, all-dancing financial advisory profession that matches or even exceeds the entry requirements of lawyers and accountants.
No-brainer
The most striking finding in our poll was that more than two-thirds (68%) of advisers in Asia feel the qualification level is far too low, while a further 21% believe it is a little low.
