Sir(s)/Madam
I have been a member of the Institute since The Securities Insitute was formed after 'Big Bang' becoming a FSI based on experience some years ago. When the institute migrated the interests of the old LSE members into it's membership there were a number of other people who's interests were protected too. At the time these people were referred simply as "The Marzipan Layer", perhaps described as those front office personnel destined for partnership in existing private client firms (rather than institutional firms). Some of these people had partially/wholly taken LSE examinations or had other professional qualifications and because their degrees of experience and integrity were deemed worthwhile and commensurate The Securities Institute supported these people and at the time sought to strengthen its own membership base. At the time it was made clear that this grand-fathering would not require further examination so I am somewhat bewildered by my firm's guidance that maybe I might be forced to undertake up to 200 hours of course work also involving stress testing of the level of my integrity.
At the age of 52 y.o. , being self-employed and having a substantial private client business involving discretion, advice & simple execution of business I am at a loss to ascertain how I can fit this extra work in to my busy schedule and at the same time pay for this and manage my business whilst doing this extra work.
Surely the FSA should honour its agreement to the registered representatives in the industry and SII ensure that elderly members such as myself are not subjected to unnecessary overload in what is already an over-regulated universe. I commend the work of SII to date but question the need for those with experience (maybe over the age of 50) to undertake such Orwellian further examination.
Richard Hoblyn FSI
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