The situation for current advisers
Current advisers are required to obtain an OfQual accredited level 4 qualification by the end of 2012. There are a number of transitional qualifications available.
Already hold a qualification on the FSA's list?
The table below shows the transitional qualification that you could take depending on the existing qualification that you already hold, and also shows when further CPD gap fill is required to become fully RDR compliant.
| Qualification held | Transitional qualification | CPD gap fill required? |
|---|---|---|
| IMC Level 3 (i.e. passed the exam prior to September 2010) | CFA Level I | YES |
| IMC Level 3 Unit 1 UK Regulations and Markets | CFA Level III | YES |
| Investment Advice Certificate | NOT required | YES |
| CISI Level 6 Diploma | NOT required | YES |
| Level 3 qualfication | PCIAM | YES |
This is not an exhaustive list - please refer to the FSA's qualification list for full details.
No qualification on the FSA's list?
If you do not hold a qualification on the FSA's list, among your options to become RDR compliant 7city offers training towards the following OfQual Level 4 exams administered by the CISI and the CFA UK:
| Level 4 qualification | Further qualification | CPD gap fill required? |
|---|---|---|
| IMC Level 4 exam | CFA Level I | YES |
| IMC Level 4 exam | CISI Investment Advice Diploma specialist units (securities or derivatives) | NO |
| IMC Level 4 Unit 1 | CFA | |
| Investment Advice Diploma | NOT required | NO |
| PCIAM | NOT required | YES |
Need more help?
We understand that this is a complicated area with many different paths. Call our client services team if you would like to talk through the options in more detail.