The Financial Services Authority (FSA) has awarded accredited body status to the Institute of Chartered Accountants in England and Wales (ICAEW) and the Pensions Management Institute (PMI).
They are now permitted to assess whether advisers have met new professionalism requirements as set out following the Retail Distribution Review (RDR), and issue statements of professional standing (SPS) to qualifying individuals.
From 1 January 2013, advisers will not be allowed to practice without an SPS, which will verify an advisers' continuing professional development (CPD) efforts.
The ICAEW and PMI join six other organisations awared accredited body status.
They are the Chartered Insurance Institute, Institute of Financial Planning, the CFA Society of the UK, Chartered Institute for Securities and Investment, Chartered Institute of Bankers in Scotland and the Institute of Financial Services.
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