The New FSA RDR Regime Has Arrived As Chartered Institute for Securities & Investment Announces Number Of SPSs Issued

The new FSA Retail Distribution Review (RDR) regime become effective from 1^st January 2013 and the Chartered Institute for Securities & Investment (CISI) has issued 5,421 Statements of Professional Standing (SPS) to existing advisers seeking to comply by this date.

The CISI is focussing on completing applications from those who have applied during the last few weeks of the year, so the final figure will be known during mid-January.

Of CISI members, 75% taking CISI exams for RDR purposes are at level 6 or 7, including the Level 6 Certificate in Private Client Investment Advice & Management (PCIAM), far exceeding the minimum level 4 qualifications benchmark.

Over 4,200 CISI candidates have completed the RDR compliance qualifications since the policy was available in 2009.

Ruth Martin, CISI Managing Director, 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. We congratulate our advisers and their firms and look forward to supporting them during 2013.”