EXAMS. FOR BROKERS

Press, Volume CIII, Issue 30367, 17 February 1964, Page 16

EXAMS. FOR BROKERS

Shock Move In London (N.Z. Press Assn.—Copyright) LONDON, Feb. 14. The Loudon Stock Exchange has decided that stockbrokers must take an examination .to prove they are fitted to give investment advice to their clients. This was reported today by the “Evening Standard" city editor, who. said the news would come as a “bombshell” to City brokers. The city editor said that though the suggestion had been put forward by many of the City’s critics, and though it was announced a year ago that Stock Exchange authorities were considering it, few expected it would be adopted. The real pressure for the move—to be . announced formally later today—came from brokers in the provinces. The Provincial Brokers’ Stock Exchange already required its members to pass an examination. City Scoffed The “Standard” city editor said that' when discussions were begun four years ago on the establishment of a national organisation, provincial men declared that London would have to come up to their standards. “But most people in the City tended to scoff at such a notion. “Examinations, so they argued, were all very well for ‘out-of-touch-provincials’ without the tradition of centuries behind them, but infra dig in London,” he said. The city editor added that the decision of the Stock Exchange Council also raised the question of allowing women to become stock brokers.

If they could produce the qualifications in future, it would be very difficult to refuse them full membership. There are already women members of the Provincial Brokers’ Stock Exchange.