Endowment Salesman Qualification

MrsAk_2

Does any one know, if back in 1995 salesmen selling endowment policies were required to have passed the relevant regulatory exams (possibly IMRO?) in order to be allowed to sell endowment policies, or whether there was a deadline by which they had to be qualified????

I am just trying to put together a complaint for being mis-sold a policy, and I know the salesman was not qualified at the time we bought the policy, but I am not sure if this is at all relevant - there are other areas to our claim, but I want to ensure that I inlcude everything I can to support our claim.

thanks in advance if anyone can help

payless

Examinations became mandatory for all financial advisers from 30 June 1997

( could not remember date as I was qualified in 1993 - the above is a quote from the BPP training site- so pls excuse if wrong)

I would suggest that in many cases most were either qualified (FPC 1 or 3 ) or under supervision in 1995

Prior to that most firms ran their own " in house " exams often known as LAUTRO exams ,

MrsAk_2

thanks you payless - I can remember that our insurance sales man had attempted to pass the exams on a number of occassions (and kept failing), and had been told that if he didn't pass on his next attempt, he would be fired - in fact he was given a sabbactical in order to help him study. I just was unsure when the "offical" deadline was

Sounds like this won't be relevant to our claim, but thanks for helping

dunstonh

I became qualified in 1995 and FPC3 was minimum standard then. Those existing advisors did have a transitional period to pass the exams but i cannot recall the dates. Failure of an FPC exam on a third time usually meant dismissal.

It will have no relevance to your claim.

payless

Yeah 1995 with a 2 yr transitional period taking up til 7/1997 sounds about right.