The approval enables the ICAEW to endorse retail financial advisors. Under the 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.
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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.
Vernon Soare, ICAEW executive director, Professional Standards commented, "We are very pleased to be the first accountancy body to be granted accredited body status by the FSA. 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."
ICAEW expects to open its scheme for applications in April this year when applicants will need to provide evidence that they have fully met the RDR exam qualification standards, including any gap-fill requirements.
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