The Central Bank today announced details of a new single qualification for those working in financial services. The Qualified Financial Advisor (QFA) qualification is expected to become the industry standard for those who provide advice to the public on retail financial products.
The newly set up QFA Board - a joint venture of the Institute of Bankers in Ireland, the Insurance Institute of Ireland, LIA and the Central Bank - will oversee the operation of the new scheme.
The main reason behind the new qualification is to create a single, recognisable qualification for financial advisors that will ensure a certain standard in the industry and which consumers can trust.
A holder of the qualification will be called a Qualified Financial Advisor and they will use the QFA brand to demonstrate to customers their competence in the provision of advice on retail financial products, the Central Bank said.
In order to gain a QFA qualification, financial advisors will undertake four exams. An ongoing Continuous Professional Development programme will also ensure that the qualification remains up to date and will take account of any changes in financial services.
The Central Bank says there are over 4,000 holders of the qualifications being merged to create the new grade. It is expected that about 500 will qualify with the QFA status a year.
