The financial services competency specialist has urged IFA networks to address the extra support needed for advisers to reach the level four qualification requirements of the RDR.

One of the main concerns the firm has highlighted is the marked jump in the degree of difficulty advisers will face in the newly enforced level four qualifications compared to the existing level three requirements. Competent Adviser warned that advisers who have not studied for some time could face difficulties coping with the level of study required and require extensive support which, at present, may not have been fully recognised.

Gillian Tait, director at Competent Adviser, said: “The FSA has made it clear that ‘grandfathering’ is not an option and with the average age of an IFA now being in the mid-50s there is a strong likelihood that it has been a good many years since many last studied for any qualification. There is an urgent need to identify and address any potential ‘memory gap’ that exists prior to beginning studying at this level along with an ongoing requirement to provide hands-on support to these individuals throughout their studies.

“There is a danger that some networks may be putting this issue on the backburner as the industry debates the merits of the values of certain courses. However, it is vital to implement measures sooner rather than later or the implications of not being ready could be catastrophic.”