Dear Wizard Learner,

The current edition of Wizard Learning's monthly CPD service is now available and provides everything you need to keep up to date. It also provides a record of your CPD time and how much you have learnt by reading our updates. Click here for more information on how you can benefit.

This month we have included a focus section on the Retail Distribution Review. Below is a short extract from this which we feel will be of special interest to those that regularly use Wizard Learning for their exam preparation. To view all the topics covered by this CPD edition click here.

RDR calls for higher exam standards
Calls for higher standards of adviser qualifications and professionalism have emerged from the FSA's Retail Distribution Review.

The Professionalism Working Group (PWG) states that there should be standardised minimum qualifications for the proposed 'primary advisers', ‘general financial advisers’ and 'professional financial planners'.

Their findings in a recently published review state: “The group proposes raising the bar in terms of both qualifications and behaviours.

"Improving professionalism is about improving technical knowledge, capabilities and behavioural standards, all differentiated according to the level of service being provided.”

For primary advisors, the appropriate examination minimum may be at the Certificate of Financial Planning level.

However, for those that will be considered at the highest level - professional financial planners, a minimum accreditation is expected to be the equivalent of the chartered Insurance Institute’s ‘Chartered Financial Planner’ or the Institute of Financial Planning’s ‘Certified Financial Planner’.

Advisers who lack the necessary qualifications would need to undertake further study to fulfil their target role. Each adviser would also be subject to role profiles, taking technical and behavioural requirements into account.

The report states it anticipates the role profiles would be simple and clear to practitioners and consumers alike.

To achieve greater professionalism, the group advocated three recommendations:

• Higher standards of competence and behaviour in retail advisory staff at all levels,
• Clearer presentation of retail advisory services to consumers and
• An enhanced role for industry and professional bodies.

NEW MINIMUM QUALIFICATIONS UNDER RDR PROPOSALS
CURRENT QUALIFICATION HELD - Certificate in Financial Planning
To become a primary adviser - No further qualifications required
To become a general financial adviser - Must undertake Diploma in
Financial Planning
To become a professional financial planner - Must achieve chartered
status through CII or become a certified financial planner through
Institute of Financial Planning

CURRENT QUALIFICATION HELD - Diploma in Financial Planning
To become a primary adviser - No further qualifications required
To become a general financial adviser - No further qualifications
required
To become a professional financial planner - Must achieve chartered
status through CII or become a certified financial planner through
Institute of Financial Planning

CURRENT QUALIFICATION HELD - Chartered or certified financial planner
To become a primary adviser - No further qualifications required
To become a general financial adviser - No further qualifications
required
To become a professional financial planner - No further qualifications
required


For those who want to familiarise themselves with the exams click here to view our qualifications guide.

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If you have any questions or need more information please email mike@wizardlearning.com.


Kind regards

Mike Goldsmith FPFS
Chartered Financial Planner

Cris Glascow FPFS
Chartered Financial Planner

Wizard Learning
www.wizardlearning.com