12 September 2013

CISI announces membership and qualification deal for ACIIA members looking to offer retail investment advice in the UK

The Chartered Institute for Securities & Investment (CISI) and the Association of Certified International Investment Analysts (ACIIA) have signed an agreement to support holders of the CIIA Qualification to gain authorisation as Retail Investment Advisers in Securities and/or Derivatives from the Financial Conduct Authority (FCA) in the UK.

The UK Financial Conduct Authority (FCA) has agreed that the Association of Certified International Investment Analysts (ACIIA) CIIA Qualification fully meets the current exam standards in respect of Securities or Derivatives.

No further examination or ‘gap fill’ is necessary for CIIA Qualification holders in respect of Securities or Derivatives.

Therefore, in order for CIIA Qualification holders to become eligible to apply for FCA Authorisation as Retail Advisers in Securities and/or Derivatives they must study and pass two CISI Investment Advice Diploma (IAD) units, which provide the foundation for UK Retail Financial Advice, namely “Investment, Risk and Taxation” and “UK Regulation and Professional Integrity”.

The agreement means that ACIIA members who hold the CIIA Qualification can apply for membership of the CISI and be able to apply for an annual Statement of Professional Standing (SPS) from the CISI, a pre-requisite for all retail investment advisers under the RDR rules.

The CISI is the UK representative Associate Member of the ACIIA and supporter of the CIIA Qualification. This means that the CISI is the relevant FCA Accredited Professional Body for CIIA Qualification holders to join if  they are seeking to acquire and maintain their SPS.

CISI members have access to the Institute’s online CPD log which allows them to record their evidence throughout the year, a requirement of RDR.

CISI members, through the use of their SPS are able to highlight the fact that they have adhered to the FCA Statements of Principle and Code of Practice for Approved Persons (“APER”) and the  CISI’s Code of Conduct.

Becoming a member of the CISI enables the collection and verification of relevant records required to support the issue of an annual SPS, which every FCA Authorised Retail Adviser must hold.

Ruth Martin, CISI Managing Director said: “We are extremely pleased to be able to offer holders of the CIIA Qualification this support and recognition as part of their overall effort to attain FCA authorisation.”

Dr Yixiang Lin, ACIIA Chairman said: “Our developing relationship with the Chartered Institute for Securities & Investment is an important new feature of the ACIIA and a reflection of our growing presence in a leading financial centre such as London. For our CIIA qualification holders this arrangement provides an enormous value added by opening doors to the UK market.  We wish to strengthen and enlarge our collaboration with CISI further in the near future and elaborate on new trainings and qualifications with this valuable UK partner”





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