The Securities & Investment Institute has urged the UK finance regulator, the Financial Services Authority, to exempt experienced industry professionals from having to undertake unnecessary qualifications, required by the forthcoming Retail Distribution Review.

At a series of presentations across the UK, 500 SII members showed their support for the raising of examination levels for investment advisors. The move would see the required level of qualification rise from level three to level four, which equates to undergraduate status, by 2012. 

"The SII road shows endorsed the proposals and demonstrated that in preparing for the RDR our members are ready to embrace change, for the benefit of the industry, its reputation and its users, even though for many of them it means more examinations,” said Ruth Martin, SII managing director.

However, while a majority of members supported the availability of training up to level 6 - graduate level - the SII does not think higher level examinations should be compulsory for those who have already been working in the industry for many years.

“We urge the FSA to review its proposals for alternative assessments especially for the small number of experts, in specialised areas such as Eurobonds, who are already operating at a level well above level 4, but for whom the new examination proposals will not be relevant but who nevertheless fall under the RDR requirements. We suggest that a restricted licence may be an option,” said the SII in a statement.

The SII is recognised as a chartered body as of the start of this month.