CISI Archive

The FSA’s consultation timetable means that it is likely to be 2010 before new examination standards, initiated by the FSSC, will be available, and these will form the basis of the requirements for new entrants and existing practitioners once they are finalised. Any examination requirements will be determined for specialists such as those in the private client field once the standards for financial advisers have been developed. (Please note that the forthcoming requirements to be qualified to level 4 apply to retail advisory staff only. All other practitioners are unaffected by the Retail Distribution Review and the step-change).

Our understanding is that the new examination standards will be used as a basis for the non-examination work-based assessment option mooted in the feedback statement. We have revised version 3 of the flow chart and the latest version (4) now follows below. We will continue to post updated versions of the flow chart as and when we are able to. We are maintaining close contact with both the Financial Services Authority and the Financial Services Skills Council. All advice contained within the flow chart is correct at the time of posting.

We are pleased to announce that the SII's former qualification, the Investment Advice Certificate, has been recognised as a level 4 qualification and our understanding is that those who hold this qualification will not need to take any further ones under the step-change. We can also confirm that the full SII Diploma, if it includes units recommended by employers, satisfies the step-change. We can further clarify the arrangements for LSE exams. Practitioners who have achieved 3 or 4 LSE exams have satisfied step-change requirements. Also, those that have passed both the Stock Exchange Practice and Technique of Investment exams have satisfied requirements. We have prepared a detailed guide to the SII's legacy retail examinations, which you can download here. This lists the SII's relevant retail qualifications, their associated units and how they are relate to the RDR. It also includes details of the qualification QCA levels (where available).

In order to use the chart below, please select which of these statements apply to you and use the "yes" and "no" buttons to see what action we recommend you take. Alternatively, you can use the drop-down menu underneath the flowchart. Please note we do have a dedicated RDR email inbox for any queries you may have: rdr@sii.org.uk. If you have a non-SII level 4 or above qualification which you believe may meet the requirements of the RDR, we would recommend that you contact the awarding body in question (or your HR department) to check the status of your qualification. You can also download your own copy of our RDR Flowchart.

--- Select which of these statements best applies to you I have passed 3 or 4 London Stock Exchange full Membership Examinations and have evidence I have passed 3 or 4 London Stock Exchange full Membership Examinations but do not have evidence I have passed the Stock Exchange Practice and Technique of Investment LSE exams and have evidence I have passed the Stock Exchange Practice and Technique of Investment LSE exams but do not have evidence I have passed the Investment Advice Certificate Qualification I have passed the SII Diploma, taking relevant modules recommended by my employer I have passed the SII Diploma, NOT taking relevant modules recommended by my employer I have passed the Private Client Investment Advice & Management Diploma unit I have passed the SII Masters in Wealth Management I was grandfathered into the FSA prior to December 2001 I hold an SII Level 3 exam (eg Registered Representative, SII Certificate) I hold a NON-SII Level 3 exam (eg, IMC)

Retail Distribution Review > Transitional Arrangements