Qualifications and Gap-fill
The CISI has Level 4 qualifications for
retail advisers.
Some CISI existing and legacy qualifications meet the RDR qualification requirements with gap-fill. The CISI has mapped the content of the qualifications against the FCA's exam standards and produced
gap-fill guidance which highlight the areas where gap-fill is required to become fully RDR-compliant.
The CISI is pleased to help individuals and firms
verify their qualifications and gap-fill for RDR purposes.
Membership As part of the
application and renewal process for a Statement of Professional Standing (SPS) the FCA requires all retail investment advisers to confirm their adherence to the
Accredited Body Code of Ethics and Conduct.
To ensure compliance with
Financial Conduct Authority (FCA) requirements the CISI is limiting the issuance of SPSs to members and employees of corporate supporters, who upon joining the Institute will have demonstrated their commitment to professionalism through confirming adherence to its Code of Conduct. The CISI will only be able to accept SPS applications from members and employees of corporate supporters.
Student members cannot apply for an SPS as this level of membership is designed for those who have not yet achieved their benchmark qualification to indicate competence. Any student members who have achieved RDR compliant qualifications will need to upgrade their membership to the appropriate level before applying for an SPS.
To join the CISI please visit our
Membership pages.
Continuing Professional Development (CPD)
To demonstrate compliance to the RDR, the
Financial Conduct Authority (FCA) has stated that all retail investment advisers must complete 35 hours continuing professional development each year. Of which 21 hours must be structured. The main RDR CPD requirements can be found
here.
Find information on how you can complete 35 hours CPD a year with CISI
here.
Statement of Professional Standing To demonstrate compliance to the RDR, the
Financial Conduct Authority (FCA) has stated that all retail investment advisers must obtain a Statement of Professional Standing (SPS) from an Accredited Body.
For more information on obtaining an SPS from the CISI please click
here.
The CISI as an Accredited Body
Accredited Body roles and responsibilities
The key responsibility of an Accredited Body is to issue SPSs. In discharging this effectively on behalf of the regulator, the CISI needs to demonstrate that it:
- acts in the public interest and furthers the development of the profession;
- carries out effective and independent verification services;
- has appropriate systems and controls in place and can provide evidence to the UK Regulator the FCA of the continuing effectiveness of verification procedures; and
- co-operates with the FCA on an ongoing basis, including sharing relevant information with the regulator.
The CISI has formed an Accredited Body Committee to assist the CISI in this work; the members are (as of April 2012):
- Nick Parkes, Chartered FCSI, Chair, Novitas Partners LLP
- Ian Cornwall, Chartered FCSI, WMA
- Frank Dolan, Chartered FCSI, Novatis Asset Management
- David Kanolik MCSI, IMA
- David Loudon, Chartered FCSI, Quilter
- Alison Stobbs, Cazenove
- Tina Wishart, Chartered FCSI,