Corporate

Qualifications and Deadlines

Level 4 benchmark qualifications for retail advisers

 

The FSA RDR makes clear that by the end of 2012 all retail advisers are required to obtain the minimum standard of an OfQual approved Level 4 qualification. Currently the CISI Certificates and CFA Society of the UK’s Investment Management Certificate (IMC) are Level 3 qualifications.

The new Level 4 qualifications are currently being developed by the examining bodies and they are due to be approved by OfQual in June 2010. These newly approved qualifications for retail advisors would then be published as a list of appropriate examinations by the Financial Services Skills Council (FSSC). The new Level 4 qualification standard will apply to both new and existing advisers, the FSA make clear that there will be no ‘grandfathering’ arrangements.

To meet RDR requirements will require attaining qualifications which require a minimum nominal 370 study hours and cover both core (Regulations, Ethics, Tax, Investment and Risk) and specialised topics relevant to the nature of the advisor. The majority of routes to RDR compliance will require undertaking more than a single examination.

The CFA Society of the UK’s Investment Management Certificate (IMC)

We understand from the CFA Society of the UK that, once authorised by OfQual, the IMC will become a Level 4 qualification from 1st September 2010. Once details of the new syllabus are received from the Institute, we will be developing taught courses and distance learning products towards the new examinations.

CISI Certificates

The CISI will submit the first of its new Level 4 exams for approval by the education regulator OfQual before June 2010. In February 2010 the institute published their CISI Factbook on FSA consultation paper CP 09/31 Delivering the Retail Distribution Review (RDR). This is designed to assist firms and exam candidates to plan ahead. The main FSA proposals are shown, followed by CISI commentary on the new exam structure and the services they intend to provide.