FSA allows ICAEW to accredit financial advisors

RETAIL FINANCIAL ADVISORS can be endorsed by the ICAEW, after the institute gained the approval of the Financial Services Authority (FSA).

The approval enables the ICAEW to endorse retail financial advisors. Under the retail distribution review (RDR) all financial advisors will require a statement of professional standing (SPS) from an accredited body by 1 January 2013 to be able to continue advising clients.

The ICAEW will now be able to issue SPS to retail financial advisors who have met the FSA’s new qualification standards and also monitor their continuous professional development.

“The Retail Distribution Review represents a significant change for retail financial markets and financial advisors and ICAEW will now play a part in delivering an enhanced regime for consumers,” Vernon Soare, ICAEW executive director, professional standards.

“We are committed to supporting our members and member firms in this period of change and providing them with new opportunities” he added. “This is part of a long term strategy to increase the services that ICAEW offers to members and also to build on our consumer focus.”

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