The Chartered Institute for Securities & Investment (CISI) has certified almost 5,500 advisers as retail distribution review (RDR) compliant with 75% at level 6 or 7.
Ahead of the onset of the regulatory regime, which came into force on January 1, the trade body confirmed it has issued 5,421 Statements of Professional Standing (SPS) to advisers and it is now focusing on working through the backlog of applications made in the last few weeks. The end figure will be known by mid-January.
Of the CISI members, 75% opted to obtain qualifications significantly higher than the level 4 minimum benchmark with 75% at level 6 or 7, including the level 6 Certificate in Private Client Investment Advice & Management (PCIAM). Over 4,200 CISI candidates have also completed the RDR compliance qualifications since it they were made available in 2009.
Ruth Martin, managing director of the CISI, said: ‘Many advisers will be starting the new year confident that they meet all of the new regulatory criteria as the RDR comes into force as ‘business as usual’. They all now need to adapt to the new annual rhythm of renewing their SPSs and that will include close attention to the Continuing Professional Development requirements (CPD) .’
Investment advisers were required by the FSA to hold a SPS by the start of the year. To achieve it, they had to provide evidence of having sufficient qualifications, proof they had completed 35 hours of CPD, as well confirming their adherence to the FSA’s Statements of Principle and Code of Practice for Approved Persons and compliance with the CISI’s code of conduct.