In a new series, we ask advisers what steps they are taking to become RDR-ready.
Today we hear from...
Duncan Carter, director, Clearwater Financial
"As a fee and adviser charging firm offering a service-based proposition, we feel we are pretty well there on that front.
"We are just ensuring that we have up-to-date terms of engagement for all clients as each review is carried out. Losing indemnity commission is not really an issue for us.
"Regarding qualifications, I am already at level 4 and so have embarked on the ‘gap-fill' route which, per the CII tool, I scored 97/132. I have already filled three of these and am working on a plan to plug the others.
"I may end up doing R01 as it is the regulatory and ethics area that accounts for much of my ‘gap', although there are some surprising areas such as tax and protection that I would have thought would have been filled.
"We have a trainee planner who is moving towards Chartered. Initially, he was going down the J0/AF route but I think he will divert to R0 to avoid having to gap-fill. This is a pity as I think the original Diploma was more relevant.
"The biggest worry is the lack of clarity over how the gap-fill will be assessed. Unfortunately we just have to play with the hand we are being dealt."
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