RDR, which was implemented on 1 January 2013, requires all retail investment advisers to obtain a SPS from an accredited body such as the CISI if they are to continue advising their clients. The statements need to be renewed each year.
The CISI issued 5,421 statements to existing advisers before this date. The group is still processing applications for SPS received before the end of the year and said the final figure for those approved will be known by mid-January.
Furthermore, the body revealed that three-quarters of its members taking CISI exams to comply with RDR are at level six or seven, including the level six Certificate in Private Client Investment Advice & Management. This puts them ahead of the RDR’s level four qualifications benchmark.
Ruth Martin, managing director of the CISI, 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.”
The CISI issued its first SPS in November 2011 to Robert Ward, a wealth manager at Fyshe Horton Finney in Wymondham.
At the time, Ward commented: “[The SPS] acknowledges that I’ve achieved a high level of professional standing, which reassures clients.
“I was initially sceptical about the RDR but I now feel positive about its impact in raising standards of professionalism following the repeated blows the industry has taken to its reputation.”
