The firm found that large employers are already refusing to consider candidates who are not Level 4 qualified, ahead of the 31 December 2012 deadline.

Yet 35 per cent of advisers have still not passed any Level 4 papers.

The current pass rate for Level 4 qualifications is only 50 per cent, according to the CII.

In response to this, BWD has launched their own e-learning initiative to help advisers achieve Level 4. The IFP is developing its own Level 4 qualifications.

BWD Development launches with the RO1 module ‘Financial services, regulation and ethics’ and the remaining modules will be added over the year.

While creating the programme, BWD spoke to 2,000 advisers to establish what they liked and disliked about studying for Level 4.

It discovered advisers were uncomfortable with formal study and found the current textbooks and material dull.

In response, the new programme is tailored with bite-size chunks of information that allows advisers to manage their own pace of learning. It also includes five mock examinations and short tests with hints and tips.

BWD development director James Walker said: “Pass rates are still very low and our feedback clearly shows that this is in large part due to advisers being turned off by the study options currently available to them. Time and work pressures delay studying and this is compounded by ever shrinking opportunities to sit the actual exams.

“We are confident that the e-learning programme we’ve devised tackles head on a number of these barriers to successful learning.”