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Majority Of UK Advisors Going Above And Beyond Minimum RDR Qualifications
Wendy Spires
2 November 2012
As a heartening testament to the increasing professionalisation of the industry, new figures from the Chartered Institute for Securities & Investment show that nearly 80 per cent of UK advisors have exceeded the regulator’s new minimum qualification standard. The Financial Services Authority’s Retail Distribution Review, which comes into force at the end of December, dictates that UK advisors be qualified at QCF Level 4 . But the CISI says that 79 per cent of candidates coming through its system have in fact attained Level 6 or 7, rather than settling for the minimum . The CISI’s September sitting of its Level 6 Certificate in Private Client Investment Advice and Management yielded a 64 per cent pass rate, with 46 of the 255 entrants attaining a merit and 17 a distinction. Additionally, the age of successful candidates ranged for 24 to 74, giving the lie to the notion that older advisors are being forced out of the industry wholesale by the new standards.