The Financial Services Authority (FSA) is to develop a single framework of qualifications for the financial services industry.
This is intended to reassure consumers that they are receiving advice from appropriately qualified professionals, no matter what part of the industry they are dealing with.
It is also aimed at making it easier for people to move jobs within the sector.
The move has been decided on following the publication of a consultation paper which received full support for the proposals.
The next step will be to identify the competencies that are required to undertake job roles and then to build qualification specifications around those competencies.
FSA head of inudstry training David Jackman said: "A single qualifications framework, together with a clear system of designatory letters, will benefit everyone - consumers, employees and firms.
"It will ensure that in a rapidly-changing regulatory environment, all advisers are qualified to meet consumers' needs.
"And firms will find that a single, modular system of qualifications makes sense, both in terms of recruitment and training."
