The Financial Services Authority (FSA) has introduced new regulatory requirements for retail investment advisers. This includes the requirement to hold an appropriate qualification and to hold a statement of professional standing (SPS) issued by a body accredited by the FSA.
For those of our members affected by the Retail Distribution Review, you will be aware that the Financial Services Authority (FSA) has introduced new regulatory requirements for retail investment advisers. This includes the requirement to hold an appropriate qualification and to hold a statement of professional standing (SPS) issued by a body accredited by the FSA. Fellows and Associates of the Institute and Faculty of Actuaries already hold an appropriate qualification and are therefore not required to complete any additional qualifications.
To date, the FSA has approved eight accredited bodies. The Institute and Faculty of Actuaries has not applied to become one, however we have been in dialogue with the following bodies and are confident that they will be able to provide a high level of service to our members:
> The Institute of Chartered Accountants in England and Wales
> The Pensions Management Institute
> The Institute of Financial Services
We have published a Retail Distribution Review Factsheet, which provides more information about the FSA's professionalism requirements, accredited bodies and the SPS application process. Please see the Hot Topics section of our website for details.
