Latest News from rdrtraining.co.uk

CPD: new programme to help advisers and managers meet RDR requirements

Tue, 03 Jan 2012 10:49:41 GMT

Driven by the changes brought to the industry by the Retail Distribution Review, the CTP team have developed an innovative CPD Programme for firms and individuals.

Developed by experts for experts, our CPD offering makes use of a range of delivery mediums to aid learning and retention. It has the scope and flexibility to be deployed either as a comprehensive outsourced solution for CPD or selected elements can be used in conjunction with a firm's current CPD arrangements.

Our CPD Programme encompasses the following:-

E-learning - generic, tailored or bespoke
Face to face training events
Gap Analysis tool to help individual bridge knowledge gaps
Technical podcasts
"The Latest" - our monthly regulatory and knowledge update

Whilst the 35 hours of CPD requirements do not arrive until 2013, it is critical that firms and individuals start now to ensure that they embed a content rich offering that offers real quality learning that can be evidenced going forward.

Our CPD Programme:-

Is available now
Provides learning objectives aligned and tested appropriately
Delivers learning relevant to the individual and the role that they undertake
Enables individuals and managers to measure achievement against learning

For further information, including a sample CPD log and CPD plan, and to access our online CPD Essentials Showcase, visit our relevant CPD web page: CPD: Financial Advisers or CPD:Investment Managers

To discuss your CPD requirements in confidence and at no obligation with one of our experts please call us on 020 3170 5779 or email cpd@ctp.uk.com.

To receive news items as emails into your mailbox whenever they are published, click here

Accredited Bodies - and then there were 8

Mon, 21 Nov 2011 17:39:38 GMT

INTRODUCTION

As a result of the heightened activity regarding Accredited Bodies and the issuing of SPSs, the CTP team have undertaken a review of the market place to see what actually is on offer from the Accredited Bodies in respect of this new service.

WHAT ARE THE OPTIONS

An interesting question, and not as straight forward as you might think! If individuals were assuming that all AB's were going to be providing a similar service, then think again. From whether they will provide SPS's to members and non-members to whether there will or will not be an additional charge for this service. The AB's seem to all be taking a different view of the best way to approach this.

Our research looks to take the confusion out of appointing an Accredited Body to provide an SPS, as we have identified who will offer what and to whom, from when and at what cost.

ACCREDITED BODIES

Click here to access to the research that we have undertaken.

WHAT NEXT?

Contact us if you have any queries regarding the information we have provided. Should you require support around Qualification, Gap Fill and/or CPD provision, then in order to discuss your requirements in confidence and at no obligation with one of our experts, please email info@ctp.uk.com or call us on 020 3170 5779.
To receive news items as emails into your mailbox whenever they are published, click here

FSA refuses to lower the bar for Simplified Advice

Mon, 24 Oct 2011 14:34:33 GMT

In its recent Guidance Consultation paper on "Simplified Advice" the FSA has laid out it's views on the options open to firms and the level of qualifications that must be held by individuals involved in the process.

As a result of pressure from firms and trade associations trying to develop an offering in this area, the FSA have come up with some Guidance Consultation to help firms and individuals understand what is likely to be acceptable.

The FSA has identified, in conjunction with the industry, that simplified advice processes as currently envisaged are likely to involve giving regulated advice. As a result, the FSA has taken a view on the level of qualification that an individual operating in this way will need to hold.

This provides a dilemma for firms. How can they develop a simplified offering that is commercially viable while having to employ appropriately qualified "retail investment advisers" (who are subject to the TC sourcebook in the same way as an individual operating a fully advised service)?

Is this madness by the regulator? Or is it an attempt to ensure those who serve the "retail" public are fully qualified and competent and avoid a "Simplified Advice" mis-selling scandal of the future!

At CTP we believe the latter. Creating a group of well qualified and appropriately supervised individuals, who interact with retail customers in a focused and structured way (albeit limited as compared with a full advice service), allows firms an alternative route to market (although one that will need to be managed carefully).

For details of the full Guidance Consultation paper, click here.

For support with Qualifications, RDR gap fill and CPD please visit www.ctp.uk.com.

To receive news items as emails into your mailbox whenever they are published, click here

First Adviser awarded RDR Qualification through Work Based Assessment

Thu, 20 Oct 2011 17:19:58 GMT
William Young has become the first adviser to be awarded a Retail Distribution Review (RDR) compliant qualification through Experience Counts, the work based assessment.

Experience Counts was the first work based assessment approved by the Financial Services Authority (FSA). It has been developed in partnership with The National Skills Academy for Financial Services, and enables experienced financial advisers to gain an RDR compliant qualification that does not involve examinations.

Experience Counts tests individuals on every area of the syllabus using their experience and track record to evidence their competence. The new route is suitable for experienced practising financial advisers who advise clients across a full range of financial products. Advisers who successfully complete the programme will be awarded the Diploma in Investment Planning, a level 5 qualification.

Jayne Owen, chief executive of Corporate Training Partnerships says: “There is a simple four step process for financial advisers interested in gaining the qualification through Experience Counts. Firstly, check if the route is suitable for you by taking the online diagnostic; a qualified assessor will then go through what is required for you to prepare for the assessment , identify any further gaps you may have in your knowledge or evidence; a date will be agreed for the assessor to attend your place of work to , collect evidence and check your knowledge; If there are still outstanding competencies which are not able to be assessed these will be identified and a development plan created to address these; finally the assessor will submit the evidence to prove you meet the standards. Experience Counts is the ideal route for advisers who do not want to take formal exams.”

William Young, an independent financial advisor, is the first adviser to gain the Diploma in Investment Planning through the Experience Counts route. William received his certificate at the Experience Counts industry launch event in Holborn recently. William says that achieving this qualification in such a comparably short space of time has allowed him to focus on running his business without disruption, in the knowledge that he is fully qualified above the RDR minimum level 4.

“Experience Counts is a no nonsense process, I was aided by professional assessors who understood my knowledge and background, and helped me get through the assessment successfully.”

William first became aware of the Experience Counts programme and the Diploma in Investment Planning qualification when he visited the CTP website and, as one of the first people to enquire about the qualification, he became a pilot candidate for Experience Counts. With the success of the pilot and the progression of other advisers going through the Experience Counts route, CTP has now officially launched the route to the financial services industry.

If you would like to know more about Experience Counts, please click here, email or call us on 020 3170 5779 .
To receive news items as emails into your mailbox whenever they are published, click here

CTP understand that Experience Counts

Fri, 11 Mar 2011 14:20:48 GMT

Having had confirmation from the FSA that the Diploma in Investment Planning Work Based Assessment from the Chartered Bankers Institute is being added to the list of RDR acceptable qualifications, CTP are pleased to announce the Experience Counts route to RDR compliance is now available.

In the FSA Retail Conduct Risk Outlook for 2011 it reiterated the survey of advisers carried out by NMG in June 2010 where it was estimated that between ‘8% and 13% of investment advisers might leave the industry, retire or move to another role as a result of the RDR’.

CTP in conjunction with The Chartered Bankers Institute (formerly The Chartered Bankers Institute in Scotland ) and the National Skills academy for Financial Services (NSAFS) have created a Work Based Assessment (WBA) for Experienced Advisers who believe they already work at the RDR required level (QCF level 4), hold good records and robust client files but do not wish to take another written qualification or formal oral equivalent.

The Experience Counts Diploma in Investment Planning WBA takes a robust account of what Advisers do on a day to day basis i.e. advising their clients, producing suitability reports and keeping up to date with the necessary industry knowledge to give best advice to their clients.
If you are one of the people thinking of leaving the industry or find the prospect of sitting another written exam daunting and fit the profile above click on the link below to find out more.

http://www.ctp.uk.com/info/Experience-Counts.aspx
To receive news items as emails into your mailbox whenever they are published, click here

Near final RDR professional standards published

Tue, 25 Jan 2011 16:58:24 GMT

Well it’s been a while since I wrote a newsletter but most of the last quarter has been a revolving door of Consultation Papers and Policy Statements largely fulfilling what we already knew.

We have been busy with clients who are prioritising the people who need to gain the Level 4 qualifications and have had considerable success with delegates passing and achieving Distinctions and Merits. Without doubt the training helps but the two most important elements are that they do the study and take a mock paper which they can discuss afterwards. We do this for the CISI, PCIAM paper and the CIOBS Diploma in Investment Planning both of which work extremely well.

You will have read about Experience Counts. This is partly what I have been working hard on with the support of the NSAFS and CIOBS. This will be a workbased assessment which takes into account, as evidence, the work that experienced advisers do. It’s not an easy option and we have some people going through a pilot to test it out at the moment . The FSA put it into the last quarterly consultation paper and we will know, hopefully by the end of March if we can go ahead. I will keep you posted.

Next on most people’s list should be the CPD Gap Fill. This will be needed for the population which had the old Level 4 papers such as the CII’s AFPC. We have CPD Gap fill modules ready to deliver and are happy to answer any questions on this area you may have as the variety of transitional qualifications in the industry are varied and many.

The ongoing CPD requirement is now clear and pretty robust. Gone are the days when reading the FT will be of much help in evidencing CPD. This requirement was published in the revised TC Handbook. There is a fixed minimum of 35 hours in each 12 month period and the focus should be on outputs. CPD should aim to meet the learning needs of the adviser and should be evaluated to ensure needs are met. The outcomes should be expressed as learning outcomes.

Much of the comment at the moment is about the Statements of Professional Standing (SPS). These will be issued by awarding bodies and the scheme you choose should make clear how you obtain a statement, the deadlines for submission of evidence and by whom. We are waiting to hear if the Institutes will allow training undertaken by accredited training suppliers to automatically qualify for inclusion in the SPS.

The RDR site has been updated and we now have a Q&A section to pass on the answers to some of the most common questions we get. Don’t hesitate to contact me if you have any questions or want to discuss an issue.

See below for the more interesting press comment.

Kind regards, Philippa Grocott, Retail Director, CTP
philippagrocott@ctp.uk.com

Click on the article title to read the full story.

The FSA pushes back on European agenda. Unusual to see the FSA speaking out against a level playing field in financial services across Europe. It appears we have new directives on Mifid, the Insurance Mediation Directive and the Packaged Retail Investment Products initiative coming our way on top of all the RDR changes. I agree with them!

No really, no more time. Money Marketing report on the FSA's response to the FSSC's plea to give advisers more time to qualify. It sounds as though we are at the last ditch of appeals to water down and delay the RDR.

Alternative approach to a written exam Good explanation about the alternative assessment "Experience counts" from Citywire.
To receive news items as emails into your mailbox whenever they are published, click here

RDR Development News 12 August 2010

Thu, 12 Aug 2010 14:30:02 GMT

Yes we are still here and have not as yet melted in to the RDR wilderness that is British holiday time! I thought it would be a good idea to do an interim summer holiday update as there have been a few interesting comments on the RDR situation to bring to your attention recently.

Before I go on to do that I would just like to make a brief comment on CP10/12. Although this CP is not directly RDR relative it does have a number of synergies and has caused great consternation in the Discretionary Management world.
If you are unaware the CP10/12 announced that grandfathering was to go for all regulated roles. No surprise to those who give investment advice as the RDR requirements had thrown that spanner in the works ages ago but for those managing investments which include the pure Discretionary Managers (if there is such a thing), Overseers and those advising on syndicate participation at Lloyds, the news has come as a bit of a blow.

The people I feel sorry for are the Investment Managers who have a dual role and also manage funds. They may have to take an additional exam as well as a qualification to satisfy the RDR QCF level 4 requirements. I know the CISI are busily looking at the requirements for those people who have a dual role and hold the PCIAM qualification but the outcome of that work may not be known until October.
The CISI did issue this statement "Investment managers who hold the SII Diploma (Regulation and Compliance paper and any two other papers) are therefore covered both for the retail distribution review and for managing investments. So are those who have completed the CISI Masters in Wealth management (listed in the regulations as Diploma in Wealth management)”.

We will keep you updated on the findings for all of the three areas that are now subject to the abolition of grandfathering ...I nearly wrote slavery and that would have been a froidiant slip!

Since it's publication I have included CP10/12. Competence and ethics in the Open courses CTP run on T & C for RDR as the crossover is unquestionable. If you have not read CP10/12 it's not a big read but definitely one that should be on Richard and Judy's Summer Book Club list…..(not sure if you can use the names Richard and Judy together anymore as that professional partnership has fallen by the way side just like another well known couple, Hectors and Adair's)?

Anyway enough of this showbiz gossip and back to RDR reality. We hope to have some very important RDR qualification news to share with you shortly so watch this space. In the meantime I will leave you with the media comment I think you will find interesting and wish you a pleasant end to the week and a sunny weekend.

Kind Regards Philippa Grocott, Retail Director, CTP
philippagrocott@ctp.uk.com

Click on the article title to read the full story.

CPMA to adopt FSA policies : RDR to stay - this isn't new news but I just like to read what I have been nagging on about for the last 18 months in print. It also confirms the new body will be outcome focused with a greater emphasis on visits and mystery shopping.

RDR will force consumers to pay more - Derek Bradley, Chief executive of Panacea, the Adviser Forum believes "The average guy will have inbuilt reluctance to pay fees for financial advisers for something they know has traditionally remunerated by commission". Where does transparency for the customer come into this then?

FSA's Nicholl: advisers need not fear RDR. Sheila Nicholl, director of the FSA's conduct policy division gives her comment on the RDR's CP10/14.
Industry surrendered the initiative over RDR - An attack on the industry's self interest.

Don't use a foreign route to sidestep the RDR - Aifa warns that passporting is not a route to escape the RDR

FSA encouraged by progress - a slap on the back no less.

HMRC, ABI look to clarify VAT liability post-RDR - confirmation that where advice is given vat is payable. Not good news.

FSA delays publication of platform paper - Worry that lobbying from the larger wrap platforms and fund groups has caused a delay in the next CP on Platforms due this Summer

IFA concerns grow on commercial impact of RDR - New research from L & G shows that there has been a change of RDR concern focus from qualifications to adviser charging.

Is this advice from the FSA a betrayal of the public - A interesting case study and one which raises more questions than it answers. Top tips for serving the wealthy - Always good to read the views of Martin Bamford, Managing Director of Informed Choice.

RDR could strip 'adviser' label from individuals - comment from Aifa on how the term Adviser could become a reference to the firm and not the individual - a different take!
To receive news items as emails into your mailbox whenever they are published, click here

RDR Development News 01 July 2010

Thu, 01 Jul 2010 09:53:20 GMT

Well the long awaited confirmation of the acceptable RDR qualifications has arrived; only three weeks later than originally promised. In the greater scheme of things that is not a huge under achievement of a deliverable, unlike the English Football Team's embarrassing performance on Sunday (especially if you were watching the match in a German bar in Barcelona and you were the only English people there)!

Perhaps now we are out of the World Cup it may speed things along . The CP, 10/14- Delivering the RDR Professionalism, including its applicability to pure protection advice, with feedback to CP09/18 & CP09/31, doesn't tell us anything we were not aware of before but it does confirm a number of areas. We have condensed these for you in our usual CTP CP Summary. Information we are still waiting on is the CPD top-up required, now referred to as gap- filling. The relevant awarding bodies have agreed to provide this but when and in what detail we still do not know. We know at CTP how many of you want this information, from the number of phone calls we receive, so you can get underway with the "gap-filling" you need to do. My suggestion would be to complete CPD on the areas where an increase in your knowledge would improve your business. Then, if when the gap-fill is identified it doesn't fit what you require at least you haven't wasted your time.

Most of the RDR News articles are on the content of the CP10/14 so unless you wish to read the whole Consultation Paper I would click on our Summary. It could give you the time to watch the last remaining hope for British dignity, Andy Murray, in the tennis!

Kind Regards

Philippa

philippagrocott@ctp.uk.com tel 01327 858292 or 07515944636
To receive news items as emails into your mailbox whenever they are published, click here

RDR Development News 21st June 2010

Mon, 21 Jun 2010 10:27:02 GMT

Yes, RDR will really happen

I am sure all of you have read the headlines and proliferation of comment concerning the intention that the RDR implementation plans will be unaffected by the new regulatory structure.

So, business as usual for those of you studying for higher qualifications and just in case anyone thinks they are too old to start studying take note that we trained the oldest person ever to pass the CISI's Level 6 Private Client Investment Advice and & Management paper at the age of 72. Just shows that experience counts.

We also trained the person with the highest ever distinction with more than 90% for the same paper. If you need help with your examinations call us.

New regulatory structure

The FSA is to be abolished by 2012 and the new Consumer Protection and Markets Authority (CPMA) will regulate the conduct of all financial services institutions that provide a service to consumers.

No detail is available yet to indicate how this transfer of power will happen or how other planned developments (to Mortgage regulation for example) will happen. Read more

IFAs intend to promote themselves as indpendent

OK, hardly revolutionary but A survey by unbiased.co.uk of over 210 IFAs shows that 87% say they will use the word ‘independent’, while ‘professional’ will be used by 57% of IFAs. Read more

Philippa send her regards from Italy.

Jayne Owen
CEO
jayneowen@ctp.uk.com

To receive news items as emails into your mailbox whenever they are published, click here

RDR Development News 11th June 2010

Fri, 11 Jun 2010 12:11:57 GMT

The FSA issued it's long awaited CP on Competence and Ethics 10/12 on the 4th June and while it is not solely related to the RDR there are a number of references to it throughout the document. The main proposals relevant to RDR are;

To introduce an overall time limit of 30 months within which relevant individuals must pass all modules of a qualification prescribed by the rules

This does not apply to individuals who were deemed competent to give investment advice as at 30th June 2009. People who joined the investment advice sector post 30th June 2009 will need to comply and the start for the 30 month limit is likely to be the end of 2010 when the final rules are published.

Firms are still at liberty to set their own timeframes for advisers to be assessed as competent

To revoke the existing Transitional Provisions for Designated Investment Business that have been in force since the FSMA was passed

This means that just because you were grandfathered in to your job in the past it does not excuse you from having to be QCF level 4 qualified post 2012.

To publish a list of qualifications that meet our regulatory requirements within the FSA handbook.

This means that we will not have to look on the FSSC website to ascertain the information. It also gives a strong indication that the FSA want the control of required qualifications ...will it be the standards next?

The CP provides an Appropriate qualification list in Appendix 1 - remember this is the current list for pre 2012 requirements, not the one we are all waiting for.

To clarify expectations about responsibility for competence with the Approved Persons Regime (APER) and add additional descriptions of behaviour which in our opinion do not comply with APER and consult on applying them across the whole of the approved persons regime.

This means that:

1)any "approved person who performs a significant influence function should take reasonable steps to satisfy themselves that each area of the business for which they are responsible has in place appropriate policies in place for reviewing the competence, knowledge, skills and performance of staff";

2) "paying due regard to the interests of a customer and deliberate acts. omissions or business practices that could be reasonably expected to cause consumer detriment" will be added to the descriptions of behaviour under statement of principle 1 (act with integrity) and statement of principle 2 (act with due skill, care and diligence).

In my humble opinion this CP may have been long awaited but it was extremely light weight in it's arrival specially on the area of ethics. I would not rush to make this your weekend reading.

Have a good weekend.

Philippa Grocott, Director, Retail Sector, CTP

philippagrocott@ctp.uk.com

Click on the article title to read the full story

FSA saves TC sourcebook from scrap heap to put on par with handbook - The FSA propose to move the TC sourcebook to the high level standards of the Handbook....about time.

Staff training:coaching, not monitoring is what we want says FSA - I think the people responding have picked up the wrong message. That is the trouble when you comment on an article about a CP and you haven't read the whole CP.

FSA: Specialist advisers will not be exempt from broad examinations...did we not already know this?

RDR will cost pension leavers £123m yearly:CBS - The Creative Benefit Solutions (CBS)Chairman, Doug Johnstone said the costs would impact on the number of employees saving for their pensions.

Post-RDR survivors hunt each other out - Product providers are developing relationships with IFAs they think will remain in the industry post RDR.

To receive news items as emails into your mailbox whenever they are published, click here