Colin Lawson, managing partner of Equilibrium, also called for case workers to be former practitioners and said they should at least have Diploma 4 level status.
He told Financial Planning Today these changes to the Financial Ombudsmen Service are among three key regulation reforms he would like to see.
Mr Lawson, managing partner, who founded Cheshire-based Equilibrium (then Applewood) in 1995, said: “At Equilibrium we invest heavily in qualifications for our team, both those employees giving financial advice and members of the support team.
“We think this should apply to case workers at the FOS as we feel that someone checking whether advice is suitable should be qualified to the same basic level as those who gave the advice i.e. at least qualified to Diploma 4 level and, even better, be an ex-practitioner.
“This is so that anyone making a decision on a case can do so with a full understanding to be able to make a fair and unbiased decision.”
He believes the FCA “are doing a good job, particularly given the challenges that they face” but also wants to see a review of what happens with the fines the FCA impose.
He said: “At the moment these go to the FCA or Treasury but these could perhaps be used to continually improve the industry, for example to help fund the FSCS.”
He added: “I would also change the way in which the FCA approach file reviews from, currently, a focus on a transactional basis to looking at the whole relationship with a client.”
Responding to Mr Lawson’s comments, the FOS told FPT: “The technical, academic and professional qualifications of our adjudicators and ombudsmen are as varied as the work we cover.
“The backgrounds of our staff are similarly varied. We have accountants and lawyers working for us as well as former IFAs, insurance and mortgage brokers, bankers, trading standards officers and stockbrokers.
“Our job is not to give financial advice, underwrite insurance policies or carry out banking transactions. Our staff are appointed to settle disputes - and we require the relevant qualifications and experience for the jobs we need to do this. We set high standards of professionalism, providing comprehensive training on core skills and technical knowledge.
“However, what makes a good adjudicator or ombudsman is more than just letters after their name. It is the ability to stand back and listen to all sides of the story - to weigh up the arguments and arrive at decisions fairly and impartially.
“This is also true for judges and magistrates - who similarly don't need to list their qualifications to demonstrate their ability to do the job."
All FOS staff have access to the “wealth of legal and financial services expertise” available within the ombudsman service, it said, adding that all adjudicator's decisions can be challenged and referred on to an ombudsman.