There are no qualification requirements for advisers to become registered, but if they want to become authorised financial advisers (AFAs) they have to pass the National Certificate in Financial Services Level 5.

But an industry-wide survey by training body the Skills Organisation (formerly known as ETITO) has found about two thirds of respondents thought the level 5 qualification should be the minimum level of qualification for RFAs as well.

The survey included AFAs, RFAs, advisers who operate in Qualifying Financial Entities (QFEs) and some non-financial advisers working within AFA firms who are not operating as AFAs, such as lawyers and accountants.

Overall there was no desire on the part of the majority for additional qualifications in the field; but respondents were divided over a range of issues including the need for a higher level entry qualification.

Roughly a third wanted it at a higher level, a third did not, and the remaining third of respondents were undecided.

The Skills Organisation survey also found mixed views on the relevance of level 5’s content to the AFA role and the need for ongoing learning beyond the level 5 qualification.

The Level 5 qualification was rated second in terms of usefulness behind only the Diploma in Personal Financial Planning or Risk Management, with the Master of Finance or applied Finance seen as the third most useful.

Of all the groups surveyed AFAs found level 5 the least useful (24%) and preferred the diploma (39%), while RFAs were happiest with level 5 (36%) and had the lowest rating of the diploma (21%).