IFA seeks exemption from training requirements

In a submission to the Code Committee, IFA president Lyn McMorran says it fully supports the requirement for all financial advisers to undertake robust and ongoing professional development throughout their career.  This ensures advisers are capable of providing timely and relevant advice to their clients, for example how proposed tax changes might change their financial circumstances.

IFA also submitted that it is more appropriate for advisers to undergo professional development as opposed to "training".  Development is more self-directed and relevant to the adviser's needs and encompasses a much wider range of learning media than just "training" which can often be taken for the sake of making up hours rather than because it has direct relevance to an adviser's development needs.

IFA members are required already to undertake 60 hours of professional development over a two year period, more than the minimum 20 hours a year currently proposed by the Code Committee.

"IFA members already comply with a robust Continuing Professional Development programme which clearly exceeds the training recommendations made by the Code Committee," McMorran says. "So we feel advisers who belong to a professional body that has an efficient professional development programme with its own internal processes for auditing should not also be required to have their hours audited by external auditors."