The Chartered Institute for Securities & Investment (CISI) an accredited body that provides adviser qualifications said more than 4,200 candidates had completed RDR compliant qualifications since the policy was announced in 2009.
Of these candidates 3,300 (79%) attained qualifications at level 6 or 7, including the level 6 certificate in Private Client Investment Advice and Management (PCIAM).
The last chance for advisers to sit PCIAM in order to be qualified in time for the 31 December deadline was in September and CISI said this sitting had a 64% pass rate, with 46 merits and 17 distinctions achieved.
Ruth Martin, CISI’s managing director, said: “The results are testament to CISI’s member’s levels of RDR readiness and we are delighted with the success of all our candidates. We are particularly pleased that CISI members are raising the bar for the sector by achieving qualifications at a degree of level of difficulty, determined to demonstrate the pinnacle of professional competence.
“These results continue to reflect the dedication and hard work of candidates whose value to their firms and clients will be further enhanced by their willingness to go the extra mile.”
The FSA requires retail investment advisers to be level 4 qualified ahead of the RDR deadline on 31 December. Even if advisers are qualified beyond level 4 they might require gap fill and this must be verified by an accredited body before the deadline.
For more information on this, read the FSA’s guide to “Make sure you’re on track for the RDR”.
