1 / 11

Retail Distribution Review Professional requirements and potential impact on firms

Retail Distribution Review Professional requirements and potential impact on firms. Retail Distribution Review. Originally focused on banc assurers, not investment part of sector June 2006 – Launch of Review End 2006 – FSA establishes industry groups June 2007 – Discussion paper released

chin
Download Presentation

Retail Distribution Review Professional requirements and potential impact on firms

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Retail Distribution ReviewProfessional requirements and potential impact on firms

  2. Retail Distribution Review • Originally focused on banc assurers, not investment part of sector • June 2006 – Launch of Review • End 2006 – FSA establishes industry groups • June 2007 – Discussion paper released • April 2008 – Interim statement (SII joins professionalism working group) • 25th November 2008 – Feedback statement

  3. SII and the RDR The professionalism issues affect all three core areas of SII: • Attaining Competence • Maintaining Competence • Promoting Trust • SII a member of the FSA working group on professionalism, this will be expanded

  4. The FSA’s Definition of Competence • “ We acknowledge, as many have reminded us, that competence is not just about examinations. • It is about skills, knowledge, expertise, ethical behaviour and the application and maintenance of all these.” • FSA, Retail Distribution Review, Interim Report (April 2008)

  5. ‘ For all investment advisers there is a benchmark qualification of at least level 4, and possibly higher levels for designated specialists, but all individuals are encouraged to opt for higher levels to suit their specific needs ’

  6. The RDR Current T & C Framework Retail sectors covered include: • Private Client Wealth Management • Retail Securities and Derivatives • Discretionary Portfolio Management Threshold qualifications eg, Certificate in Investment Management, Certificate in Securities – Retail, Certificate in Derivatives – Retail

  7. The RDR Nationally Agreed Levels • Level 3 = current threshold: SII Cert in Securities/CertIM • Level 4 = Step – change sought • Level 6 = SII Diploma (post-graduate)

  8. FSSC confirms • The Private Client Investment Advice and Management (PCIAM) paper of SII Diploma • SII Diploma if it includes PCIAM • In addition the FSSC has already approved the new SII Masters (Wealth Management) which is at Level 6

  9. RDR flowchart showing individual advisers how they can achieve Level 4 and above qualifications

  10. Questions Discussion: Implementation for Business

  11. SII Compliance Forum Thank you for attending. Please return your badge after the session.

More Related