Are you ready for the RDR deadline? (And do you know when it is?)
For those affected by the Retail Distribution Review compliance requirements, the next few months will be critical to ensure that they meet the RDR deadline. Most are aiming for 31st December, when the new regulations come into force, however the really important date is Wednesday 31st October 2012. ‘Why?’ I hear you ask…
The CISI have stated that due to expected demand they cannot guarantee that Statements of Professional Standing (SPS) will be awarded before 31st December 2012 unless all documentation has been submitted by 31st October.
If you haven’t met the requirements of the review yet – particularly in terms of a qualification – then you need to complete a course and sit the exam in time to have your results before the 31st October submission deadline.
So, in reality, the deadline is already upon us, as the final courses before the deadline are starting now.
CISI Investment Advice Diploma (IAD)
Time commitment: 3 days per unit
Exams: Computer-based (on demand)
The newest qualification in the stable is CISI’s Level 4 IAD qualification, and this has been designed with the requirements of RDR in mind. Successful completion will mean you meet the new standards without the need for any further courses or CPD.
The core units are FSA Regulation and Professional Integrity, and Investment Risk &Tax. These are followed by technical units covering Securities, Derivatives and Private Client Advice. Which technical unit(s) you take depends on your role.
CISI Private Client Investment Advice & Management (PCIAM) Diploma
Time commitment: 7 days
Exams: 11th September (fixed date)
If you already have a level 3 qualification, this diploma will bring you up to the level 4 standard required with minimal gap-fill top-up. The results for the exam on 11th September are published on 31st October 2012 – to coincide with the submission deadline.
The last taught courses in preparation for this exam have already started, but late entries will be accepted. The mock exam day and revision courses are great practice in the run up to this exam.
As with most things in life, there are some complicating factors (explained in detail in this CISI booklet) but the moral of the story is clear: if you’ve been told you need to get a qualification in order to meet requirements of RDR, then if you want to do so before the deadline, you have to act now!
View further details on studying RDR with BPP.