R U RDR READY?

9 July 2010

With much debate and discussion taking place with regard to the Financial Services industry’s Retail Distribution Review (and a number of our Clients and Candidates having to address new qualifications guidelines and requirements), we have compiled some information which we hope will assist.
The FSA’s latest RDR Consultation Paper is available to view at http://www.fsa.gov.uk/pubs/cp/cp10_14.pdf but it has also recently confirmed the qualifications that meet the requirements of the Retail Distribution Review. It has also named qualifications that meet the RDR in part but require gap-filling.  Here is the list in full:-
RDR-Ready
  • Diploma in Professional Financial Advice from the Calibrand/Scottish Qualifications Authority
  • Diploma in Investment Planning (existing advisers) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (new advisers) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (retail banking for new advisers) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (retail banking for existing advisers) from the Chartered Institute of Bankers in Scotland
  • Regulated Diploma in Financial Planning from the Chartered Insurance Institute
  • Diploma for Financial Advisers (revised for post-2010 standards) from the ifs School of Finance 

RDR-ready but require gap-filling
  • BA in Financial Services from Bournemouth University 1995 – 2001
  • MA in Financial Services from Bournemouth University 1995 – 2001
  • Post Graduate in Financial Services from Bournemouth University 1995 – 2001
  • Investment Advice Certificate from the Chartered Institute for Securities and Investment
  • Certificate in Private Client Investment Advice and Management (interview and presentation only) from the Chartered Institute for Securities and Investment
  • Certificate in Private Client Investment Advice and Management from the Chartered Institute for Securities and Investment
  • Diploma (where candidates hold three modules as recommended by the firm) from the Chartered Institute for Securities and Investment
  • Masters in Wealth Management from the Chartered Institute for Securities and Investment
  • Member of the Securities Institute (MSI Dip) (where candidates hold three modules as recommended by the firm) from the Chartered Institute for Securities and Investment.
  • Associate (March 1992 – July 1994 syllabus including top-up test) of the Chartered Institute of Bankers in Scotland
  • Associate (post August 1994 syllabus) of the Chartered Institute of Bankers in Scotland
  • Certificate in Investment Planning from the Chartered Institute of Bankers in Scotland
  • Chartered Banker (where candidates hold UK financial services and investment modules) from the Chartered Institute of Bankers in Scotland
  • Diploma in Investment Planning (current) from the Chartered Institute of Bankers in Scotland
  • Advanced Diploma in Financial Planning from the Chartered Insurance Institute
  • Advanced Financial Planning Certificate from the Chartered Insurance Institute
  • Associate (ACII) (where candidates hold appropriate life and pensions modules) from the Chartered Insurance Institute
  • Associate (ALIA Dip) from the Chartered Insurance Institute
  • Diploma in Financial Planning from the Chartered Insurance Institute
  • Fellow (FCII) (where candidates hold appropriate life and pensions modules) from the Chartered Insurance Institute
  • Fellow (FLIA Dip) from the Chartered Insurance Institute
  • Associate (where candidates have passed the investment module) of the ifs School of Finance
  • Diploma for Financial Advisers from the ifs School of Finance 
  • Professional Investment Certificate from the ifs School of Finance
  • Certified Financial Planner from the Institute of Financial Planning
  • Fellowship of the Institute of Financial Planning
  • BA in Financial Services from Sheffield Hallam University 1995 – 2001
  • MA in Financial Services from Sheffield Hallam University 1995 – 2001
  • Post Graduate in Financial Services from Sheffield Hallam University 1995 – 2001
  • BA in Financial Services from the University of the West of England 1995 – 2001
  • MA in Financial Services from the University of the West of England 1995 – 2001
  • Post Graduate in Financial Services from the University of the West of England 1995 – 2001

IFAs who advise on securities

Financial advisers or wealth managers who advise clients on securities or deal in them have a separate qualification list. Different qualifications rules apply for advisers who deal in derivatives or just advise on securities. Here is the list for them:
 

RDR-ready:
  • Investment Advice Diploma (where candidates hold technical modules as recommended by the firm) from the Chartered Institute for Securities and Investment

RDR-ready but require gap-filling
  • Investment Management Certificate (combined with level one of the CFA programme) from the CFA Society of UK
  • Associate of the CFA Society of UK
  • Management and Research Certificate in Private Client Investment Advice and Management from the Chartered Institute for Securities and Investment
  • Certificate in Private Client Investment Advice and Management from the Chartered Institute for Securities and Investment
  • Diploma (where candidates hold 3 modules as recommended by the firm) from the Chartered Institute for Securities and Investment
  • Registered Representative Full Membership Exams (where holders have all three papers or have both Stock Exchange Practice and Technique of Investment papers) from the London Stock Exchange
  • Member of the Securities Institute MSI DIP (where candidates hold three modules as recommended by the firm) from the Chartered Institute for Securities and Investment
  • Masters in Wealth Management from the Chartered Institute for Securities and Investment

RDR-ready when combined
  • Level One of the CFA Program plus the Investment Management Certificate (Level 4 version) from the CFA Society of UK