More career progression likely in new advice world: Shanks

She said the new regime, which starts in the middle of this year, was creating an industry providing quality, professionalised advice. Everyone giving individual financial advice will need to prove competence at a level equal to the level five financial services standard.

“Everywhere I go I see people excited about doing level five,” Shanks said.

She said it meant there was a clear body of knowledge required for the profession.

Traditionally advice had been more transitional, she said, with people coming and going. But when there was a qualification required it gave people a sense of belonging in their roles and a skillset to be proud of.