TWO major financial institutions have welcomed the announcement by the Financial Supervision Commission (FSC) on minimum levels of qualification for retail investment advisers.
The FSc has confirmed a date to introduce aspects of the Retail Distribution Review (RDR) to the region. The announcement means that retail investment advisers must hold a minimum level 4 qualification, as outlined within the UK National Qualifications Framework (NQF), to be able to provide advice to consumers. All retail investment advisers in the Isle of Man must comply with the new rule from January 1st 2014.
“Our research shows that consumers trust and value professional qualifications when seeking financial advice,” said Fay Goddard, chief executive of the PFS.
“The FSC’s decision to confirm a date for advisers to hold a RDR compliant level 4 qualification is welcome news. I am sure it will improve public trust and confidence in our sector. The PFS and Chartered Insurance Institute (CII) will continue to provide members with the necessary qualifications, support and training they need to help them meet the deadline.”
The CII already offers a number of qualification routes to reach level 4. It also offers PFS members the opportunity to use its gap fill tool. This enables members to match any CII qualifications already held against the new exam standards, and to identify any gaps between the two.
The tool also provides members with a range of gap fill solutions, such as videos of events and relevant reading material.
“The introduction of the RDR professional standards will further establish the Isle of Man’s reputation as a well regulated financial centre and maintain consumer trust in our region,” said Sharon Sutton, president of the Isle of Man Insurance & Financial Services Institute, PFS regional chairman and managing director of Thornton Associates.
“The PFS region was created this year and already we have a variety of training, gap fill and continuous professional development (CPD) events available to support our members’ development and help them reach level 4.”
For more information on the RDR deadline and events happening at the Isle of Man Insurance & Financial Services Institute and PFS, visit http://www.localinstitutes.cii.co.uk/isleofman
