At times, it’s like Chinese whispers with the RFA/RDRqualifications with reluctant students exploring all possibilities to find a get-out clause. I wouldn’t be at all surprised if someone asked me if their swimming proficiency badge could provide them with an exemption and fill the gap!
Only this week I was ‘reliably’ informed that the Chartered Institute for Securities and Investment are scrapping the Level 6 Private Client Investment Advice and Management (PCIAM) paper at the end of this year. Having spoken to the Institute they informed me that this most certainly isn’t the case since numbers are understandably strong in both the UK and the Crown Dependencies. I’m not sure why anyone would want to scrap one of the possible exam routes for achieving RFA/RDR compliance, but it just goes to show that the rumour mill can be a dangerous place.
As an Accredited Training Provider (ATP) for CISI, we havebeen asked to provide support to students in Jersey and other jurisdictions globally, which can sometimes lead to more exotic locations. This week alone I experienced the balmy weather and mild, temperate, winter climate of the Isle of Man. Since the IOM have now decided that they will follow the UK in training their investment advisers, it suggests to me that other Islands, who have not yet made a move along this path, will also do so at some point since no financial centre will want to be left behind. In that respect, I am hoping CISI will come knocking on my door for help when the Caymans Islands decide to push ahead.
Time is ticking now, and bearing in mind that these qualifications can take 12 months to complete, people are starting to feel the pressure. It is extremely tough to combine successful study with a busy career and so I really admire the commitment some people have already shown to their studies.
One thing I have noticed is that none of the routes to compliance are easy. Some advisers have assumed that industry experience alone will get them through but of course this myth has been exploded. I personally know that all the exams are challenging since I have taken them myself - I thought it only fair that I did them if I am helping other people to get through!
So please remember – I didn’t make up the new qualification requirements, but I am here to help ensure that you succeed.
