Isle of Man Retail Distribution Review
The Isle of Man Financial Supervision Commission (FSC) has confirmed its intention to raise professional standards by introducing certain aspects of the Retail Distribution Review (RDR).
It requires all retail investment advisers to comply with the new requirements to hold a minimum Level 4 qualification by 1 January 2014. The FSC have stated that at this stage they will not consider grandfathering for advisers who do not attain the level 4 qualification.
Information on the FCA qualifications, gap-fill and SPS RDR requirements can be found on the CISI's RDR webpages. Please note that as the final requirements are subject to confirmation these requirements may differ in some respects in the Isle of Man.
Currently the FSC's draft qualifications and gap-fill requirements under the RDR follow the FCA's implementation.
Certificate of RDR Compliant Qualifications
CISI members in Isle of Man who have completed their qualifications and gap-fill requirements of the RDR can apply for a Certificate of RDR Compliant Qualifications by emailing evidence of gap-fill to firstname.lastname@example.org
Advisers who hold non CISI qualfications will need to attach certified evidence of their qualifications.
For advisers in Isle of Man who wish to have their qualifications and gap fill verified by the CISI, but need to show they were eligible for entry into PCIAM please use the proforma letter which needs to be signed by the firm and sent to the CISI with the gap-fill.
Fresh information will be uploaded here as soon as it is available. If you do have any queries please email email@example.com