Jersey's Financial Services Commission (JFSC) has ruled that all advisers working for Jersey businesses registered to give retail investment advice must achieve QCF Level 4 qualifications by the end of this year.
The move will bring the island's advisers in line with the UK’s Retail Distribution Review (RDR).
The new set of qualification requirements Jersey practitioners must have by the end of 2013 has been set out by the Chartered Institute for Securities & Investment (CISI).
The CISI, which lists nearly 1,000 members based on Jersey, runs a local branch which organises regular continuing professional development events.
It reports that many local advisers are already qualified to Level 4 and it expects a not insubstantial number will move beyond this level towards CISI’s Certificate in Private Client Advice and Management, which is at Level 6.
CISI managing director, Ruth Martin, said: "We welcome the JFSC’s Review of Financial Advice and look forward to working with firms and supporting individuals in Jersey affected by this initiative.
"Many advisers on this island are already qualified at the new level and have shown and continue to show a passion for professionalism.”
Javid's first fiscal announcement
'Misunderstood our profession'
Newly created role
No direct replacement planned
Could be delayed by general election