Carterbar.com

Financial advisers Carterbar have embarked on a major push towards achieving the advanced qualifications which all such companies will need to survive in the future.

Carterbar, based in Billingham, Teesside, says the move fits in with the aims of the Financial Services Authority (FSA) to substantially raise standards in the industry.

The FSA announced recently that it would raise the minimum level of qualifications for Independent Financial Advisers as well as introducing enhanced standards for continuing professional development.

The move was part of attempts to make the industry fairer and more sustainable for customers

Carterbar Managing Director Arthur Dornan said: “We are already well ahead of the game because we have always believed in constantly improving the level of skills within the business.

“Our team has already achieved a lot of the qualifications and are working towards securing the final ones. We feel that philosophy puts us in a strong position to respond to the measures outlined in the FSA’s review.

“However, we do hear talk within the industry that not all companies are taking that commitment to advancement so seriously and they may well find themselves struggling to fulfil the FSA’s obligations if they start work on attaining the qualifications too late. These qualifications are very complicated and take a lot of studying. They cannot simply be attained overnight.“

Among Carterbar team members who have already achieved qualifications which the FSA wants to see are Operations Director Suzanne Cox, in Pensions and Management, and Financial Adviser Rachel Loynes, in Pensions.

Director of Sales and Marketing Craig Dyball has a qualification in Lifetime Mortgages.

Arthur said: “The FSA is going to insist on higher levels of qualifications for all advisers. While there is a lot of resistance from some advisers, we embrace the changes and welcome the higher standards which is why have decided to work towards the qualifications at the earliest possible stage.”

Craig Dyball believes such an approach is important because of the predictions contained in the FSA’s review of the industry that some businesses will not survive the new-look financial services world.

He said: “We are worried that consumers will have only a limited number of independent or whole-of-market advisers and will be driven to providers where they only have the choice of one product.

“What Carterbar is aiming to do is ensure that we are in the best possible position to meet the demands of the new-look market and offer the biggest possible range of products. The additional training which we have been undergoing for some time will help us achieve that. We are very confident about the future.”

Carterbar, based at Manor Way, on the Belasis Business Park, in Billingham, has been in business for 13 years. Its services include advice on mortgages, life assurance, income protection, pensions, investments and medical cover.