Discretionary Management

rdr Discretionary Management

The Financial Conduct Authority (FCA) (formerly the FSA) is reviewing the exam standards for managing investments in CP11/18. Until the FCA has consulted with the industry any changes to the list of appropriate qualifications for purely discretionary managers are not known. However, they are proposing to increase the level to Level 4 for any new entrants. The FCA are proposing that existing investment managers, who are not affected by the RDR, will meet the changes through regular CPD. Advisers who are affected by the RDR will still need to meet the level 4 RDR requirements.

For new advisers who wish to hold an appropriate exam, this list can be found in the FCA's Appropriate Qualification tables.

Please be assured the CISI will work with the FCA to ensure the best possible outcome for discretionary managers and those advisers also affected by the RDR.

For the FSA activity of Managing Investments the current CISI exams that are relevant are:

Level 3 Certificate in Investment Management (not appropriate for advisers affected by the RDR or if the level for managing investments is increased.)
Level 4 Certificate in Investment Management (not appropriate for advisers affected by the RDR.)
Level 4 Investment Advice Diploma
Level 6 Private Client Investment Advice and Management
Level 6 Diploma (3 units recommended by the firm)
Level 7 Masters in Wealth Management

If you have any queries as an individual or for your firm, please email rdr@cisi.org