From Mike Cook
Regarding Michael W. Lawrence's letter in your last issue, come on Mr Lawrence! Do you honestly believe age and experience has any bearing on why an IFA is not able to pass a mortgage Bridge paper? With the FPC qualification you are already half way there.
Many financial advisers are sole traders who advise on mortgages. No doubt all would have been happy with a grandfathering arrangement. A large element of sole trader new business originates from recommendations from an existing client bank.
Advisers much older than Michael's tender 58 years (myself included) have passed the exam and put compliant features in place.
There should be no exceptions. We have advised our clients for years not to take advice from a non-qualified person and will continue to do so. The consumer has a right to the protection afforded him by a qualified person.
May the exemplary career of Mr Lawrence continue – good luck to him! He appears to have been of service to his clients – don't let them down now. I would not suggest he knowingly gives bad advice but for heaven's sake, he should stop telling the world he has failed 14 relatively simple Bridge papers and was prepared to have 10 more attempts at an exam he states “I was never going to pass”. What sort of message is that sending out about other advisers?
Is the exam result not telling him something that in his heart and mind he knows he should face up to before it is too late? The MCCB has worked well to bring us to this stage. It gave us all the same amount of time to qualify. Get out of the kitchen quietly Mr Lawrence, while you can do so with a certain amount of dignity.