CISI, FINRA join forces for RDR-level adviser qualification
US regulator and Cisi will work together to help UK retail investment advisers become qualified to RDR standards.
The Chartered Institute for Securities and Investment (Cisi) and the Financial Industry Regulatory Authority of the USA have signed a memorandum of understanding to help Finra-member UK retail investment advisers prepare for the Retail Distribution Review (RDR).
Under the terms of the agreement, the two organisations will work together to help relevant member advisers to meet new UK exam standards implemented under the RDR, allowing them to continue giving advice on securities and derivatives in the UK market, as well as to be entitled to Cisi membership.
Finra could offer Cisi exams, specifically those required to meet the benchmark set by the Financial Services Authority for qualification as retail investment advisers in securities.
FINRA members holding the Series 7 qualification will be offered the Associate Member CISI grade of membership or full membership where they satisfy qualification and experience criteria.
Simon Culhane, Cisi chief executive officer, said: “We are very pleased to announce this partnership with Finra which will allow its members to ensure they meet the highest standards of competence, comply with our recognised code of conduct and to apply for their annual statement of professional standing (SPS) as required by the FSA for all retail investment advisers from 31 December 2012.”