Corporate

Transitional Arrangements

The FSA's 'no regrets' provision

In order to allow retail advisers to make progress towards achieving the new Level 4 standard between now and June 2010, the FSA have created a ‘no regrets’ provision. This means advisers can achieve a current transitional Level 4 (or above) qualification and upgrade to the new Level 4 standard via an additional CPD top-up once the new benchmarks are known.

CISI Private Client Investment Advice and Management certificate (PCIAM)

The FSA have confirmed that the CISI Level 6 Certificate in Private Client and Investment Management meets and surpasses the step-change requirement of a benchmark qualification at OfQual Level 4. Therefore, under the ‘no regrets’ provision, advisors who pass the PCIAM exam who are already Level 3 qualified, will only need to undertake the CPD top-up to become RDR compliant. The FSA and FSSC have confirmed that the PCIAM will be acceptable for this purpose up to the end of the transitional period at the end of 2012.

BPP offer PCIAM training courses and distance learning products towards the examinations that are currently held on a quarterly basis by the CISI. Our next training course starts in mid-March towards the June 2010 examination. For further details please refer to our CISI Diploma section.

We can also offer PCIAM training courses on a flexible in-house basis, specifically tailored to your firm’s requirements. For further information on the in-house option please contact Bill Waugh on 020 7067 8804.

Chartered Financial Analyst (CFA) examinations

The CFA Program (at all three levels) is listed in the FSA’s CP on ‘Delivering the RDR’ as a Transitional Qualification. This ‘no regrets’ status means that those who have passed CFA Levels I, II or III before the end of 2010 will not be required also to pass new RDR qualifications when they become available in 2010. All Transitional Qualifications are to be analysed for gaps between their syllabuses and the RDR exam standards. Those who have passed CFA Level I, II or III will be able to fill gaps through CPD.