Jersey Review of Financial Advice (RFA)
The Jersey Financial Services Commission (JFSC) is raising professional standards by introducing certain aspects of the Retail Distribution Review (RDR) under the Review of Financial Advice.
All retail investment advisers in Jersey should comply with the new requirements to hold a minimum Level 4 qualification by 1 January 2014. The JFSC's qualifications and gap-fill requirements under the RFA follow the FCA's implementation.
Information on any SPS requirements will provided as soon as this is finalised by the JFSC. The current requirements for CPD remain in place.
Information on the FCA qualifications and gap-fill and RDR requirements can be found on the CISI's RDR webpages.
Although advisers in Jersey cannot apply for an SPS until the requirements from the JFSC are clear, CISI members can apply for a Certificate of RDR Compliant Qualifications.
CISI Factbook on RFA
The Institute has developed a CISI Factbook on RFA which sets out the qualifications that are available from the Institute for existing and new advisors.
Certificate of RDR Compliant Qualifications
To apply for a Certificate of RDR Compliant Qualifications, CISI members in Jersey who have completed their qualifications and gap-fill requirements will need to email evidence of their gap-fill to rdr@cisi.org
Advisers who hold non CISI qualfications will need to attach certified evidence of their qualifications.
For advisers in Jersey 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 rdr@cisi.org