Jersey Review of Financial Advice (RFA)
The Jersey Financial Services Commission (JFSC) has
introduced certain aspects of the Retail Distribution Review (RDR) under the Review of Financial Advice. The JFSC's qualifications and gap-fill
requirements under the RFA follow the
FCA's implementation. A level 4 or
above qualification is required.
Information on any SPS requirements
will be
provided as soon as this is finalised
by the JFSC. The current requirements
for CPD remain in place. Information
on the FCA qualifications and gap-fill
and RDR requirements can be found on
the CISI's RDR webpages.
Although advisers in Jersey cannot apply for an SPS until the requirements from the JFSC are clear, CISI members can
apply for a Certificate of RDR
Compliant Qualifications.
The Institute has developed a CISI
factbook on RFA which sets out
the qualifications that are available from
the Institute for existing and new advisers.
Certificate of RDR Compliant
Qualifications
To apply for a Certificate of RDR Compliant
Qualifications, CISI members in Jersey who have completed their qualifications and gap-fill
requirements
will need to email evidence of their gap-fill to rdr@cisi.org. Advisers who hold non CISI qualifications will need to attach
certified
evidence of their qualifications. For advisers in Jersey who wish to have their qualifications
and gap-fill
verified by the CISI, but need to show they were eligible for entry into PCIAM please use the proforma
letter which needs to be signed by the firm and sent to the CISI with the
gap-fill.
Please note: We have made the decision to withdraw gap-fill as it is no longer
appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The
deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our
FAQs
for more information
If you do have any queries please email
rdr@cisi.org
Guernsey Review of Financial Advice
Professionals based in Guernsey offering financial advice to retail clients are now required to
hold a
relevant Level 4 qualification.
The educational strand of the GFAS applies to:
- Financial advisers of POI licensees advising retail clients on controlled investment
products, general
securities and general derivatives.
- Authorised Insurance Representatives (AIRs) providing advice on long term insurance products
excluding
pure protection products, permanent health, credit life assurance and any contracts on
human life that
are renewable annually.
From 1 January 2016, and on an ongoing basis, each Adviser must obtain a Statement of
Professional Standing
(SPS) from an Accredited Body. As an Accredited Body, the CISI is eligible to issue SPSs to
financial
advisers in Guernsey.
The CISI has developed a fact book
on
GFAS which includes detailed information on obtaining an SPS from the CISI.
Statement of Professional Standing (SPS)
The Bailiwick of Guernsey SPS is a certificate that
is valid for 12
months and requires renewal every year. SPS applications may take up to
two months to process,
or longer if there are omissions or gaps in the submission. The CISI SPS
will confirm that the
CISI has verified that the financial adviser has met the following
requirements:
- Authorised as a Financial Adviser of a firm licensed by the Guernsey
Financial Services
Commission (GFSC).
- Achieved an acceptable qualification for Financial Advisers.
- Completed relevant qualification gap-fill
for their
qualification (where appropriate).
- Completed 35 hours appropriate continuing professional development (CPD) on
the CISI CPD Scheme.
- Adhered to the CISI's Code
of Conduct.
- Agreed to the SPS
terms and
conditions.
- Is a member of the CISI (excludes Students) or employee of a CISI
Corporate
Supporter.
Applicants must therefore ensure they have met all of the Bailiwick of Guernsey SPS
requirements
before applying. All SPS applications must be verified by the Licensee.
Application forms
Guernsey SPS Application Form
Please print and complete the forms manually and return them with all required
accompanying
evidence by email to gsyspsapplications@cisi.org
or post to SPS
Applications Department, Chartered Institute for Securities &
Investment, 20 Fenchurch
Street, London EC3M 3BY.
Applicants will receive notification via email when the CISI has
received the application form.
If you have sent your form to the CISI and you have not received email
confirmation of receipt
within five working days please contact us.
Timescales
Initial SPS applications - The CISI will aim to issue SPSs within
two months of
receipt of an application as long as all the required information and
accompanying evidence has been
provided. If information or accompanying evidence has been omitted from the
application and the CISI
needs to request more information from the adviser, the SPS may take longer to
process. Advisers
must ensure they meet the SPS requirements before they apply.
Due to the high level of incomplete or inaccurate SPS applications, individuals
will now be advised
by email that their application is unable to be processed and will be given
seven days to supply the
missing documentation. Regrettably, if this information is not received by the
end of the seventh
day, the application will be returned, unprocessed.
SPS renewals - The standard processing timescale for all SPS
renewal applications
is up to fifteen working days from the date of receipt. If the applicant
requires additional
specialist areas to be added to their SPS approval, then this application will
take an additional
ten working days to process. Please note that you can, and are advised, to apply
for additions to
your specialist areas in advance of renewing your SPS application wherever
possible.
Costs
| Application Type |
Price |
| Member
- if paid for at
application. |
£47 |
| Renewal Type |
Price |
| Member
– if paid for in
advance with a membership subscription. |
£21 |
| Member
- if paid for at
application. |
£35 |
Further information
Qualifications and Gap-fill Adding specialist areas Licensee
Verification Certificate
of GFAS Compliant
Qualifications
Questions?
If you have any questions or concerns about the application process, please email SPSApplications@cisi.org.
If you are unsure whether you hold an RDR compliant qualification, please email rdr@cisi.org.
SPS register for Guernsey
SPS Register for Guernsey
Qualifications and Gap-fill
Qualifications must be completed by 31 December
2015 for those financial
advisers authorised by their employer on or before 31
December 2014. This
date (31 December 2015) applies whether completing the full
qualification or utilising
gap-fill. Financial advisers appointed on or after 1
January 2015 will have
30 months to complete their acceptable
qualification.
Please note: We have made the decision to
withdraw gap-fill as it is no longer appropriate to fill the
gaps as a result of changes made to the exam standards by the
FCA. The deadline to undertake and lodge your gap-fill with us
is 31 December 2020. Please see our
FAQs for more
information
Qualifications must be on the Guernsey Financial Commission's
list
of acceptable qualifications. It will remain mandatory for
all relevant AIRs to hold
the Guernsey Insurance Certificate ('GIC') in addition to a listed level
4 qualification.
Many legacy qualifications or those approved for GFAS purposes as
relevant and at the
appropriate level, have gaps between what they cover and the new
standards. Gap-fill is
needed to cover these. For existing financial advisers this must be
completed by the end of
2015. Gap-fill will continue to be available to advisers after 31
December 2015.
Information on gap-fill required for CISI examinations can be found
here.
Adding RDR specialist areas
The CISI can add specialist areas to an adviser's SPS once this has
been issued. There are
two ways to do this:
- Adding a specialist area at the SPS renewal - there is a
section in the renewal form to
add the area and advisers just need to attach evidence
of the additional gap-fill or
qualifications.
- Adding a specialist area during the current SPS year.
Financial advisers need to email
evidence of the additional gap-fill or qualifications to
rdr@cisi.org asking
for this additional area to be
added to the SPS. A new SPS will not be issued as the
SPS does not outline the
specialist areas, however the CISI system will be
updated and this will be available to
the GFSC.
Advisers can, and are advised to, apply for additions to
specialist areas
in advance of renewing their SPS wherever possible. Please click
here
to determine
qualification and gap-fill requirements for specialist areas.
Please note: We have made the decision to
withdraw gap-fill as it is no longer appropriate to fill the
gaps as a result of changes made to the exam standards by the
FCA. The deadline to undertake and lodge your gap-fill with us
is 31 December 2020. Please see our
FAQs for more
information
Licensee Verification
Advisers applying for the Bailiwick of Guernsey SPS are required
to have their SPS verified
by their Licensee.
Licensees applying to become verifiers need to meet the
following eligibility criteria:
- Licensees can nominate as many verifiers as they wish.
- It is recommended that verifiers work in the Training and
Competence, HR or Compliance
department and are a suitably knowledgeable and
responsible person to undertake SPS
verification.
- The CISI requires verifiers to be nominated prior to the
submission of a completed SPS
application form.
- It is mandatory for Licensees to verify their advisers' SPS
applications by completing
section 7 of the SPS application.
- The applicant (adviser) cannot verify their own application.
Please note SPS applications submitted without a verifier
will not be processed.
Licensees wishing to register will be required to email gsyspsapplications@cisi.org
with details
of their nominated verifier(s). Details need to include, name,
job title, email and contact
number.
Certificate of GFAS Compliant Qualifications
Financial advisers who have not met all criteria to apply for an SPS
and require
qualification and gap-fill verification to provide to their firm
can apply for a Certificate
of GFAS Compliant Qualifications.
To apply for a Certificate of GFAS Compliant Qualifications,
CISI Members in Guernsey who
have completed their qualifications and gap-fill requirements
may email evidence of their
gap-fill to rdr@cisi.org.
For financial advisers in Guernsey who wish to have their
qualifications and gap-fill
verified by the CISI, but need to show that they were eligible
for entry into PCIAM, please
use the proforma
letter which needs to be signed by the firm and sent
to the CISI with the gap-fill.
Isle of Man Retail Distribution Review
The Isle of Man Financial Services Authority (FSA) confirmed its intention to raise professional
standards by
requesting all retail investment advisers in the Isle of Man to demonstrate compliance with the
RDR and
obtain a Statement of Professional Standing (SPS) from an Accredited Body by the 1 January 2015.
The CISI,
as an Accredited Body, is eligible to issue SPSs to retail investment advisers from the Isle of
Man.
The CISI IOM SPS is a certificate that is valid for 12 months and requires renewal every year.
The Isle of
Man Financial Services Authority has produced a Guidance Note to help licenceholders with the IOM SPS process. While
the CISI will
process all SPS applications as quickly as possible the CISI may take up to a month to process
an SPS
application, or longer period if there are omissions or gaps in the submission. The CISI SPS
will confirm
that the CISI has verified that the adviser has met the following requirements:
- Registered with the FSA as a Financial Adviser
- Achieved an appropriate qualification
- Completed relevant qualification gap-fill for their qualification (where appropriate)
- Completed 35 hours appropriate continuing professional development (CPD) on the CISI CPD
Scheme
- Adhered to the CISI's Code of Conduct
- Agreed to the SPS
Terms and Conditions
- Be a member of the CISI (excludes Students) or employee of a CISI Corporate Supporter.
The CISI will only accept applications from CISI members (excluding Student members) and employers of
Corporate Supporters. Applicants must therefore ensure they have met all of the IOM SPS
requirements before applying.
IOM
SPS
Application Form
Please return the form with all required accompanying evidence by email iomspsapplications@cisi.org or post to SPS Applications Department,
Chartered Institute for Securities &
Investment, 20 Fenchurch Street, London EC3M 3BY. Applicants will receive notification via email
when the
CISI has received the application form. If you have sent your form to the CISI and you have not
received
email confirmation of receipt within five working days please contact us.
Qualifications and Gap-fill
Retail investment advisers must hold a minimum Level 4 qualification. The FSA have stated they will not
consider grandfathering for advisers
who do not attain the level 4 qualification.
Certificate of RDR Compliant
Qualifications
CISI members in Isle of Man who have completed their qualifications and gap-fill requirements of the
RDR can apply for a Certificate of
RDR Compliant Qualifications by emailing evidence of gap-fill to rdr@cisi.org. Advisers who hold non CISI qualifications
will need to attach
certified evidence of their qualifications.
For advisers in Isle of Man who wish to have their qualifications and gap-fill verified by the
CISI, but
need to show they were eligible for entry into PCIAM please use the proforma
letter which needs to be signed by the firm and sent to the CISI with the
gap-fill. Please note
that advisers will typically only need to demonstrate compliance with the qualification and
gap-fill
requirement for their initial SPS.
However, there
may be occasions, when adding specialist areas, where CISI will need to see additional
information relating
to these areas. Please select the Specialist Areas tab for more information regarding adding
RDR specialist areas.
Please note: We have made the decision to withdraw gap-fill as it is no longer
appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The
deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our
FAQs for more information
Advisers must apply for an SPS within three
months
of their CISI CPD year ending, so the
CISI can
ensure that the CPD undertaken is
current and
relevant. Only CISI members (excluding students) and employees of Corporate Supporters can apply
to the CISI
for an SPS. Find out more about
Membership.
Adding RDR specialist areas
The CISI can add specialist areas to an adviser's SPS once this has been issued. There are two ways to do
this:
- Adding a specialist area at the SPS renewal -
there is a section in the renewal form to add the area and advisers just need to attach
evidence of the
additional gap fill or qualifications.
- Adding a specialist area during the current SPS year. Advisers need to email evidence of the
additional gap fill or
qualifications to rdr@cisi.org asking for this
additional area to be added to the SPS. A new
SPS will not be issued as the SPS does not outline the
specialist areas, however the CISI system will
be updated and this will be available to the FSA.
Please note that advisers can, and are advised, to apply for additions to specialist areas in advance
of
renewing their SPS wherever possible.
Timescales
Initial SPS applications
- The
CISI will aim to issue SPSs within
two months of
receipt of an application as long as all the required information and accompanying evidence has
been
provided. If information or accompanying evidence has been omitted from the application and the
CISI needs
to request more information from the adviser, the SPS may take longer to process. Advisers must ensure they
meet the SPS requirements before they
apply.
Due to the high level of incomplete or inaccurate SPS application, individuals now will be advised by email
that their
application is unable to be processed and will be given three days to supply the missing
documentation.
Regrettably, if this information is not received by the end of the third day, the application
will be
returned, unprocessed.
SPS renewals - The
standard
processing timescale for all SPS
applications is
up to fifteen working days from the date of receipt. If the applicant requires additional RDR specialist areas to be added to
their SPS approval, then this
application will take an
additional ten working days to process. Please note that you can, and are advised, to apply for
additions to
your specialist areas in advance of renewing your SPS application wherever possible.
Costs
New applications
| Application Type |
Price |
| Member –
if paid for in advance
with a membership subscription. |
£36
|
| Member - if
paid for at application.
|
£47
|
Renewal applications
| Application Type |
Price |
| Member – paying for SPS in
advance with a membership subscription. |
£21
|
| Member - paying for SPS at
application. |
£35
|
SPS Register
The CISI's IOM SPS register contains all CISI
members who have been issued with a
Statement of Professional Standing (SPS) for the
Isle of Man, by the CISI. It is a requirement for anyone applying for an SPS from the CISI to agree to be
placed on the register. Advisers who do
not renew their SPS before it expires
will be
removed from the SPS Register.
SPS Register
Are you a FINRA member wishing to gain
new FCA authorisation?
The Financial Industry Regulatory
Authority (FINRA)
and the CISI have an Agreement to support
FINRA members holding the Series 7
–
General Securities Representative Examination – to gain authorisation as Retail Investment Advisers in Securities
and/or
Derivatives from the Financial Conduct Authority (FCA) in the UK.
To be eligible to provide advice in the UK, new advisers will be required to bridge the gap
between the
Series 7 award and the Retail Distribution Review (RDR) standards. This is known as gap-fill and can be
completed through
elearning and qualification gap-fill
made
available by the CISI, as endorsed by the FCA.
You must also pass two examinations, UK Regulation and Professional Integrity and Taxation in
the UK for
Individuals and Trusts.
Please note: We have made the decision to withdraw gap-fill as it is no longer
appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The
deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our
FAQs for more information
On the completion of the gap-fill and examinations, holders of Series 7 will be able to confirm that
they
comply with a
recognised code of conduct and
apply for their annual Statement of Professional Standing (
SPS) which is compulsory for UK Retail Advisers to hold (the CISI
is a
FCA Accredited Professional Body for the
purposes
of issuing a
SPS).
Steps to Meet the RDR Standards for FINRA Members
Step 1 -
Membership
As part of the agreement, FINRA
members
holding the Series 7 qualification will be offered CISI membership either Associate
(ACSI) or full membership
(MCSI), where they satisfy
qualification and
experience criteria. Membership provides advisers access to extensive free continuing
professional
development (CPD) activities
and gap-fill
opportunities.
Please note, the joining fee has been waived for FINRA advisers.
To apply please complete the appropriate form and send a copy of your Series 7
certificate and proof of
your UK regulatory examination (unless this has been obtained from the CISI).
Step 2
-Gap-fill
and Examinations
Gap-fill comprises structured learning and consists of a number of Professional Refresher
modules and
reading.
Professional Refresher
Professional Refresher is an online learning system which allows
self-administered refresher
testing on a variety of topics, including the latest regulatory changes.
It is a free membership
benefit, with over 40 modules available, and hours earned using
Professional Refresher are
automatically added to members' personal CPD logs. A score of 75% must be
achieved for a pass.
The following Professional Refreshers must be passed for all candidates:
- Commodities & Energy Markets
- Client Classifications
- Investment Principles & Risk
- Insurance
- Introduction to Derivatives
- Pensions & Provisions
Candidates advising in Securities must in addition, pass the following
Professional Refreshers:
- Central Clearing
- Best Execution
- Financial Promotions
Candidates advising in Derivatives must in addition, pass the following
Professional Refreshers:
Reading
A PDF of relevant
extracts from CISI
workbooks must be read and this can be obtained by emailing rdr@cisi.org
* An alternative to the ETF
Professional Refresher module is to read the following fact sheets and
confirm by emailing rdr@cisi.org that you have
read them.
ETP
Factsheet
ETF
Factsheet
Once you have completed the gap-fill please update your CPD log to
reflect this.
Examinations
The following examinations must be passed:
- CISI Level 4 (IAD) UK Regulation
& Professional Integrity
- CISI Level 4 (IAD) Investment, Risk & Taxation
- CISI Level 5 (IAD Unit) Private
Client Advice (If advising on retail investment products)
Details of these examinations can be found here.
Step 3 -
Apply for
a Statement of Professional Standing (SPS)
An application for an SPS implies
that you
confirm that you have completed the gap-fill, as outlined above.
Application
form for initial SPS
Please return the form with all required accompanying evidence by email spsapplications@cisi.org or
post to SPS Applications
Department, Chartered Institute for Securities &
Investment, 20 Fenchurch Street, London EC3M 3BY .
Applicants will receive notification via email when the CISI has received the
application form. If you
have sent your form to the CISI and you have not received email confirmation of receipt
within five
working days please contact us on +44 20 7645 0777 or email spsapplications@cisi.org.
Japan Securities Dealers Association RDR
provisions
The Retail Distribution Review (RDR) was
launched
by the UK Regulator in 2006. The RDR
targets the
quality of advice available to consumers in the financial services sector. Are you a holder of
the Japan
Securities Dealers Association Sales Representative Qualification and wish to qualify as a
Retail Adviser in
Securities and/or Derivatives in the UK?
The Japan Securities Dealers Association (JSDA) and the CISI have an Agreement to support
JSDA members holding the
JSDA Sales Representative
Qualification to gain
authorisation as Retail
Investment Advisers
in Securities and/or Derivatives from the Financial Conduct Authority in the UK. In
addition to
completing the prescribed gap-fill, JSDA
Qualification holders must study and pass two CISI Investment Advice Diploma ("IAD") examinations, namely
'Investment, Risk
and Taxation' and 'UK Regulation and Professional Integrity'
Please note: We have made the decision to withdraw gap-fill as it is no longer
appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The
deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our
FAQs for more information
Steps to meet the RDR standards
Step 1 -
Membership
As part of the agreement, JSDA
members holding
the appropriate qualification will be offered the Associate(ACSI) grade of CISI
membership. CISI Membership provides advisers
access to extensive free continuing professional development activities and the required
gap-fill.
To apply please
complete the appropriate form and send proof that you hold the JSDA Sales Representative
Qualification, which can be obtained from the
JSDA. Please also provide
evidence of the
regulatory exam that you hold (this is not necessary for holders of CISI qualifications
and is not
applicable for new advisers who may not, at this stage have taken the regulatory exam
listed below in
section 3).
Step 2 -
Gap-fill
A PDF of relevant extracts from
CISI workbooks
must be read and this can be obtained by emailing rdr@cisi.org. Existing
advisers and new advisers need to do this
reading.
Step 3 -
Examinations
In addition to completing the prescribed gap-fill, JSDA Qualification Holders must pass two CISI
Investment Advice Diploma
('IAD') examinations, namely
'Investment,
Risk and Taxation' and 'UK Regulation and Professional Integrity'. The price of
examination and study
materials is different depending on where the candidate chooses to complete their
studies. Please click
here for prices. These prices apply to each of the examinations required by the FCA, namely:
- CISI Level 4 UK Regulation and Professional Integrity
- CISI Level 4 Investment, Risk and Taxation
- CISI Level 5 Private Client Advice (If advising on retail investment products)
Step 4 -
Apply for a
Statement of Professional Standing (SPS)
An application for an SPS implies
that you
confirm you have completed the gap-fill, as outlined above, and that you have completed
the examinations
where necessary.
Application
form for initial SPS
Please return the form with all required accompanying evidence by email spsapplications@cisi.org or post to
SPS Applications Department,
Chartered Institute for Securities &
Investment, 20 Fenchurch Street, London EC3M 3BY.
Applicants will receive notification via email when the CISI has received the
application form. If you
have sent your form to the CISI and you have not received email confirmation of receipt
within five
working days please contact us.
Securities Analysts Association of Japan RDR
Provisions
The Retail Distribution Review (RDR) was
launched
by the UK Regulator in 2006. The RDR
targets the
quality of advice available to consumers in the financial services sector. The Securities
Analysts
Association of Japan (SAAJ) and the
CISI have an
Agreement to support SAAJ members
holding the
CMA Qualification (and individuals
who have
passed the CMA level 2 examination
but are not
yet members of SAAJ) to gain authorisation as Retail Investment
Advisers in
Securities and/or Derivatives from the Financial Conduct Authority in the UK.
SAAJ qualified professionals seeking
FCA Authorisation
In addition to completing the prescribed gap-fill, CMA Qualification holders who wish to advise on Securities
and/or
Derivatives in the UK must study and pass two CISI Investment Advice Diploma (IAD) examinations, namely
'Investment, Risk and Taxation' and 'UK
Regulation and Professional Integrity'.
Please note: We have made the decision to withdraw gap-fill as it is no longer
appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The
deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our
FAQs for more information
Steps to meet the RDR standards
Step 1 -
Membership
As part of the agreement, the CISI will offer the Full Member (MCSI) grade of membership to CMA qualification holders
who obtained their CISI membership through
the SAAJ, with the option to
choose the
Associate (ACSI) level if
preferred.
Membership provides advisers access to extensive free continuing professional
development (CPD) activities
and the required gap-fill.
To apply please complete the appropriate form and send proof that you hold the CMA Qualification, which
can be obtained from
the SAAJ. Please also provide
evidence of the
regulatory exam that you hold (this is not necessary for holders of CISI qualifications
and is not
applicable for new advisers who may not have taken the regulatory exam listed below in
section 3)
Please note, the joining fee is waived.
Step 2 -
Gap-fill
Gap-fill comprises structured learning and consists of a Professional Refresher module
and reading.
Professional Refresher is an online learning system which allows self-administered
refresher testing on
a variety of topics, including the latest regulatory changes. It is a free membership
benefit, with over
40 modules available, and hours earned using Professional Refresher are automatically
added to members'
personal CPD logs. A score of
75% must be
achieved for a pass.
The following Professional Refresher module must be passed for advisers in Securities:
Central Clearing
The following Professional Refreshers must be passed for advisers in Derivatives:
Introduction to
Derivatives | Central Clearing | Commodities and Energy Markets
A PDF of relevant extracts
from CISI
workbooks must be read and this can be obtained by emailing rdr@cisi.org. Existing
advisers and new advisers need to do this
reading.
Step 3 -
Examinations
In addition to completing the prescribed gap fill, CMA Qualification Holders must pass two CISI
Investment Advice Diploma
('IAD') examinations, namely
'Investment,
Risk and Taxation' and 'UK Regulation and Professional Integrity'. The price of
examination and study
materials is different depending on where the candidate chooses to complete their
studies. Please click
here for prices. These prices apply to each of the examinations required by the FCA, namely:
- CISI Level 4 UK Regulation and Professional Integrity
- CISI Level 4 Investment, Risk and Taxation
- CISI Level 5 Private Client Advice (If advising on retail investment products)
Step 4 -
Apply for a
Statement of Professional Standing (SPS)
An application for an SPS implies
that you
confirm you have completed the gap-fill, as outlined above, and that you have completed
the examinations
where necessary.
Application
form for initial SPS
Please return the form with all required accompanying evidence by email spsapplications@cisi.org or post to
SPS Applications Department,
Chartered Institute for Securities &
Investment, 20 Fenchurch Street, London EC3M 3BY.
Applicants will receive notification via email when the CISI has received the
application form. If you
have sent your form to the CISI and you have not received email confirmation of receipt
within five
working days please contact us.
Are you a holder of the Certified International Investment Analyst CIIA Qualification wishing to gain FCA authorisation?
he Association of Certified International Investment Analysts and the CISI have an Agreement to
support
holders of the CIIA Qualification to
gain authorisation as Retail
Investment Advisers in
Securities and/or Derivatives from the Financial Conduct Authority (FCA) in the UK.
The UK Financial Conduct Authority has agreed that the CIIA Qualification fully meets the current examination
standards for
Securities and Derivatives. No further examinations or 'gap fill' are necessary for CIIA Qualification holders in
respect of Securities
or Derivatives. In order to become eligible to apply for FCA Authorisation as Retail Advisers in Securities/Derivatives,
CIIA Qualification holders must pass
two CISI
Investment Advice Diploma 'IAD' units
which
provide the foundation for UK Retail Financial Advice, namely 'Investment, Risk and Taxation'
and 'UK
Regulation and Professional Integrity'.
Please note: We have made the decision to withdraw gap-fill as it is no longer
appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The
deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our
FAQs for more information
Steps to Meet the RDR Standards for ACIIA Members
Step 1 -
Membership
As part of the agreement, holders of the CIIA
Qualification will be offered CISI membership at either Associate (ACSI) or full membership
(MCSI) level, where they
satisfy qualification and experience criteria.
Membership provides advisers access to extensive free continuing professional
development activities.
Please note, the joining fee has been waived.
Step 2 -
Gap-fill
Prior to joining the Institute, or within the first three months of association with the CISI,
all new
members (excluding Student members) are required to complete the CISI IntegrityMatters online workshop
and pass the associated online test.
Step 3 -
Examinations
The following examinations must be passed:
- CISI Level 4 IAD unit UK
Regulation and
Professional Integrity
- CISI Level 4 IAD unit
Investment Risk and
Taxation
- CISI Level 5 IAD unit
Private Client
Advice (only necessary if advising on retail investment products)
Step 4 -
Apply for
a Statement of Professional Standing (SPS)
An application for an SPS implies
that you
confirm that you have completed the gap-fill, as outlined above.
Application
form for initial SPS
Please return the form with all required accompanying evidence by email spsapplications@cisi.org or
post to SPS Applications
Department, Chartered Institute for Securities &
Investment, 20 Fenchurch Street, London EC3M 3BY.
Applicants will receive notification via email when the CISI has received the
application form. If you
have sent your form to the CISI and you have not received email confirmation of receipt
within five
working days please contact us on +44 20 7645 0777 or email spsapplications@cisi.org
Deutsche Boerse Group Capital Markets
Academy
The Deutsche Boerse Group Capital Markets
Academy
and the CISI have an Agreement to support Certified Derivatives Traders who have passed the
Deutsche Boerse "Trading Derivatives"
Certificate Programme
and Certified Securities Traders who have passed the Deutsche Boerse "Cash" or "Kassenmarkt" examination to gain authorisation as Retail Investment
Advisers in Securities and/or
Derivatives from the Financial Conduct Authority (FCA) in the UK.
To be eligible to provide advice in the UK, advisers will be required to bridge the gap between
the Deutsche
Boerse certificates listed above and
the Retail
Distribution Review (RDR) standards.
Advisers must pass two examinations, UK Regulation and Professional Integrity and Investment
Risk &
Taxation. Certified Derivatives Traders and Certified Securities Traders seeking to become authorised for the activity of
Dealing and Advising
on Securities also need to carry out gap-fill reading. Gap-fill reading is not necessary for
Certified
Derivatives Traders seeking to become authorised
for the activity of Dealing and Advising on Derivatives.
On completion of the examinations and gap-fill reading (where appropriate), advisers will be
able to confirm
that they comply with a recognised
code of
conduct and apply for their annual Statement of Professional Standing (SPS) which is compulsory for Retail
advisers to hold (the CISI is an FCA
Accredited Professional Body for the purposes
of issuing an SPS).
Please note: We have made the decision to withdraw gap-fill as it is no longer
appropriate to fill the gaps as a result of changes made to the exam standards by the FCA. The
deadline to undertake and lodge your gap-fill with us is 31 December 2020. Please see our
FAQs for more information
Steps to Meet the RDR Standards
Step 1 -
Membership
As part of the agreement, holders of the relevant Deutsche Boerse certificte will be offered CISI membership either
Associate (ACSI) or full
membership (MCSI) where they
satisfy qualification and
experience criteria. Membership provides advisers access to extensive free continuing
professional
development activities.
Full details are available here. Please note, the joining fee has been waived.
Step 2 -
Gap-fill
A PDF of the relevant readings for
Certified
Derivatives Traders and Certified Securities Traders seeing to become authorised for the activity
of Dealing and Advising on Securities can
be obtained by emailingrdr@cisi.org. When you complete the reading
please email rdr@cisi.org to confirm this.
Step 3 - IntegrityMatters
Prior to joining the Institute, or within the first three months of association with the
CISI, all new
members (excluding Student members) are required to complete the CISI IntegrityMatters online
workshop and pass the associated online test.
Step 4 -
Examinations
The following examinations must be passed:
- CISI Level 4 IAD unit UK
Regulation and
Professional Integrity
- CISI Level 4 IAD unit
Investment Risk and
Taxation
- CISI Level 5 IAD unit
Private Client
Advice (only necessary if advising on retail investment products)
Step 5 - Apply
for a
Statement of Professional Standing (SPS)
An application for an SPS implies
that you
confirm that you have completed the gap-fill, as outlined above.
Application
form for initial SPS
Please return the form with all required accompanying evidence by email spsapplications@cisi.org or
post to SPS Applications
Department, Chartered Institute for Securities &
Investment, 20 Fenchurch Street, London EC3M 3BY.
Applicants will receive notification via email when the CISI has received the
application form. If you
have sent your form to the CISI and you have not received email confirmation of receipt
within five
working days please contact us on +44 20 7645 0777 or email spsapplications@cisi.org