News

News

Retail Distribution Review (RDR) update

27/02/09

Qualification standards requirement

The RDR Working Group has agreed that the qualification standards for all individuals working in retail sales or advisory roles needs to move from QCA Level 3 to at least QCA Level 4. To address this requirement the Securities and Investment Institute (SII) are recommending the Private Client Investment Advice and Management Diploma as a top up examination.

A top up examination will be needed for those who:

• were grandfathered’ into the new regulatory regime (N2)
• hold a QCA Level 3 exam qualification, such as a SII Certificate or the CFA UK Investment Management Certificate

The FSA’s consultation timetable means that it is likely to be 2010 before new examination standards, initiated by the FSSC will be available. These will form the basis of the requirements for new entrants and existing practitioners once they are finalised.

PCIAM examination

In the meantime the SII will be running the Private Client Investment Advice and Management (PCIAM) examination on the following dates:

• June examination (24th June 2009)
• An additional examination sitting (22nd September 2009)
• December examination (3rd December 2009)
  

Training

BPP will be offering training towards all three PCIAM examination sittings. A nine day classroom course, broken down into three phases, will be available for candidates who need to sit the June or December 2009 examination to top up to the QCA Level 4 standard.

An accelerated six day classroom course will also be available for the September examination. This training option is ideal for candidates who have a thorough understanding of areas such as financial assets, the UK markets, methods of dealing and settlement and the regulatory framework prior to sitting the course.

To keep yourself updated on the latest RDR activity please visit or dedicated IFA site