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Graduate training needed for IFAs

11 Nov 2008

Graduate training needed for IFAs University leavers looking for graduate jobs in Londin may be interested to hear that the introduction of graduate training schemes is needed in the independent financial advice sector, it has been reported.

Jonathan Purle, director at London-based independent financial advisers Intethic, told the Financial Times that the IFA industry needed to follow the example of other professional services sectors and introduce graduate training and apprenticeships.

"Nobody decides at 29 that they're going to become a chartered accountant and try to gain entry on the basis of a few book-keeping qualifications," he told the news provider.

He added that young advisers could be supported with back-office jobs while they study to become fully qualified.

Mr Purle told the paper that with this method "we'll attract the quality new blood without draining the old stuff away."

In related news, just under 1,800 complaints were made to IFAs in the first six months of this year.

Speaking to the Financial Times, Caroline Mitchell, lead investment ombudsman for the Financial Ombudsman Service (FOS) said small businesses, including IFAs, remain a top priority for the FOS.

She added that many small businesses have different needs to those who have dealings with the FOS on a daily basis.

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