Two months left before the ‘real RDR deadline' - are you compliant with the required professional standards under the RDR?
Existing financial advisers who have not yet started their journey towards obtaining a Level 4 qualification and RDR compliance should not be thinking about 31 December 2012, the real RDR deadline is 3 January 2012 according to the Institute of Financial Services.
This is the last date financial advisers can start their Level 4 qualifications and give the recommended study time to complete the Diploma for Financial Advisers (DipFA®) course. Starting at the beginning of January 2012 will leave advisers just enough time to complete the DipFA® and obtain their Statement of Professional Standing (SPS).
Call to action
Anne Kiem, Chief Executive of the Institute of Financial Services said: "This is a call to action for anyone with the 31 December 2012 in mind who is yet to make a start.
The reality is that existing financial advisers who want to continue working in the post RDR era and haven't yet begun their Level 4 studies need to act before 3 January 2012. We can still help after this date but advisers leaving it later than this will have to sit exams and complete coursework more quickly than we recommend.
"Starting now will give them every chance to complete the DipFA® qualification and SPS they need, and even potentially allow time for re-sitting part of the course if required. The DipFA® is one the most direct routes for advisers to take, other avenues may already be closed to them."
Questions answered in free national RDR tour
The Institute of Financial Services will be touring the country in November and December, holding a series of seminars on the professionalism aspects of the RDR. Anne Kiem and her team will be on hand to outline the steps that advisers need to take to meet the new professional standards by the December 2012 deadline.
As both a provider of the RDR compliant DipFA® and an FSA Accredited Body able to issue Statements of Professional Standing, the Institute is well placed to provide advice and guidance on all areas of the professionalism requirements. Advisers attending the seminars can also find out about the services on offer from the Institute, to both members and non-members, to support them in meeting the standards.
Anne Kiem said: "This is an opportunity for advisers who are unsure about any aspects of qualification gap filling, CPD requirements, SPS eligibility or the application process, to get some straight-forward answers. These events will let you know exactly what you need to do and the timelines you need to bear in mind."
The sessions are free to attend and open to all advisers, irrespective of whether they are members of the Institute or have taken one of its qualifications. The seminars will take place in London, Manchester, Leeds, Bristol, Birmingham and Glasgow. For more information, please visit the Institute of Financial Services website www.iofs.org.uk.
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