1. The webinar will begin shortly Mind the gap: Meeting the RDR qualification standards and gap-fill

2. Gillian W Tait, Managing Director, Competent Adviser Ltd John Gaskell, Financial Services Faculty Mind the gap: Meeting the RDR qualification standards and gap-fill

3. Welcome Participate in today’s webinar – send us a question

4. In 1997 Gillian founded a specialist training and strategic consultancy that counted amongst its clients many of the largest UK financial service software providers. In 2003, having identified a gap in the training market, she and her co-founder, rebranded the company Competent Adviser and launched what went on to became the major on-line training and competency tool for the UK mortgage industry In 2009, Gillian took over the role of Managing Director and addressed herself to the challenge of changing the company’s focus from purely mortgages to the wider spectrum of financial services as a whole. Two years later, Competent Adviser is the UK’s fastest growing financial services online learning solution, has won awards for student excellence every year since launch, is the study support tool of choice for the majority of the UK’s major banks, insurance companies & financial service networks and is the online learning support tool used by three out of four of the major financial services examining bodies. Their reputation for providing effective study support programmes speaks for itself –over 90% of students using the Competent Adviser system pass their exams at the first attempt. Gillian W Tait

5. John is the Financial Services Faculty’s Financial Planning & Advice Manager. He began his career as a private client stockbroker in the City of London, before working as an independent financial adviser, head of financial planning and investment advice at a legal practice, senior manager at Deloitte Wealth Management Ltd, and product development manager for Aviva. He has also held business development, staff training and consultancy roles. John has a BA in economic history and MBA. He is a Certified Financial Planner and Chartered Wealth Manager, Fellow of the Institute of Financial Planning and Chartered Fellow of the Chartered Institute for Securities & Investments, and is a member of the Chartered Institute for Securities & Investments and the UK Financial Planning examination boards. John Gaskell

6. Mind the gap: Meeting the RDR qualification standards and gap-fill

7. From 1 st January 2013… Retail Investment Advisers will need to: Subscribe to a code of ethics Hold an appropriate qualification including any qualification gap fill Carry out at least 35 hours of continuing professional development a year (of which 21 hours should be ‘structured’) Hold a Statement of Professional Standing from an accredited body If existing advisers do not meet these standards they will not be able to make personal recommendations to retail customers from this date.

8. Who is affected by these requirements? IFAs Wealth Managers Multi-Tied Advisers Private Bankers Stockbrokers

9. RDR Qualification Requirements The FSA have modernised the qualification requirements to better reflect the actual role of advisers and give them the skills and knowledge to meet the demands of today’s investment market A list of the appropriate qualifications for investment advice activities is now available within the FSA Handbook (www.fsa.org.uk) List comprises a combination of old qualifications requiring qualification gap fill and new qualifications that meet the modernised exam standards Qualification that do not appear on this list (such as the ACA) are not valid from an RDR perspective. From 1 January 2013 you must have a qualification either marked a) or b) in the list of appropriate qualifications

10. Examples of Qualifications that meet the Examining Standards CII Diplomas in Financial Planning/Regulated Financial Planning IFS Diploma for Financial Advisers (DipFA) CISI Investment Advice Diploma (3 modules including securities module) BA (Hons) Financial Services, Planning & Management Certified International Wealth Manager Masters in Wealth Management (post 2010)

11. Examples of Qualifications that require Gap Fill CISI Certificate in Private Client Investment Advice & Management CISI Investment Advice Certificate MSc in Investment Analysis CII Advanced Financial Planning Certificate Masters in Wealth Management (pre 2010) London Stock Exchange, Registered Representative Full Membership Exams (records now kept by CISI)

12. What do we mean by Gap Fill? Prime focus of qualification gap fill should be on the relevance of the learning activity and indicative content to be achieved If the activity completed meets the learning outcome you need do nothing more Must be completed before 30 December 2012

13. ICAEW Gap Fill Tool In conjunction with CIOBS and Competent Adviser Aims to cover ALL core modules Meets new RDR qualification standards On completion of programme deemed ‘RDR competent’ Suitable for use when applying for ICAEW SPS

14. What does it cover? Core Modules √ Financial Services Regulation & Ethics √ Investment Principles and Risk √ Personal taxation Specialist Modules √ Pensions and Retirement Planning Please note anyone wishing to provide advice relating to Securities/Derivatives would need to complete additional study.

15. Range of Modular Tests covering core RDR standards

16. PDP programmes to assist your study

17. Immediate access to learning material and a self test facility

18. On successful completion programme turns green

19. In preparation for your post-study Gap Analysis assessment

20. To Recap … RDR requirements come into effect from 1 st January 2013 From this date Retail Investment Advisers will need to: - Subscribe to a code of ethics - Hold an appropriate qualification including any qualification gap fill - Hold a Statement of Professional Standing from an accredited body - Carry out at least 35 hours of continuing professional development a year ICAEW (in conjunction with CIOBS and Competent Adviser) have launched a fully compliant Gap Fill tool Completion of this programme will enable eligible applicants to apply for an ICAEW SPS

21. BUSINESS WITH CONFIDENCE icaew.com © ICAEW 2012 ICAEW Statement of Professional Standing Eligibility Criteria ICAEW members and affiliates; members of other CCAB accountancy bodies and the Institute and Faculty of Actuaries; employees of ICAEW member firms; employees of audit registered firms and/or firms licensed by ICAEW under the DPB regime; and principals and employees of firms controlled and/or managed by ICAEW members and/or ICAEW members firms, at the discretion of ICAEW.

22. Q&A – Ask a question Participate in today’s webinar – send us a question Click here to see questions

23. Gillian W Tait John Gaskell Questions Photo

24. Online gap-fill tool – FSF website www.icaew.com/fsf www.icaew.com/fsf http://www.icaew.com/en/technical/financial- services/statement-of-professional-standing/gap-fill

25. BUSINESS WITH CONFIDENCE icaew.com © ICAEW 2012 Future events 11 July Webinar A guide to the RDR and implications for chartered accountants icaew.com/fsfevents 17 September Financial Planning Conference ‘ Life on Mars’ Finance Services Faculty Members - £79.17 +VAT ICAEW Members - £108.33 +VAT* IFA/PFS Members** - £108.33 +VAT *Non ICAEW Members - £145.83 +VAT* icaew.com/lifeonmars *Includes membership of the Finance Services Faculty until the end of December 2012. **IFA and PFS members must make their bookings by calling +44 (0)1908 248 159. icaew.com/fsf

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