THE FINANCIAL Regulator has proposed new rules to force financial advisers and sales staff to undertake 15 hours of professional development a year. It also plans to phase out so-called grandfathering so experienced staff have a recognised qualification by 2015.

The regulator wants to ensure that grandfathered individuals – financial staff who gain experience in the industry but have no qualifications – achieve recognised qualifications over four years from the second quarter of next year.

It has also been proposed to provide staff with certificates detailing their areas of experience which can be provided to consumers.

The regulator has also set out proposals compelling financial companies to hold records showing that they have complied with the professional development of staff and that written records are kept for new employees.

Views on the proposals are sought from interested parties by August 13th.