10th September 2009

FSSC consults on RDR benchmark qualifications for advisers

• Online survey and regional events announced to gather feedback on draft core units agreed by industry-wide advisory group
• Deadline for online survey 27 October 2009; early response encouraged
• Background, proposals and survey available here. 

The Financial Services Skills Council (FSSC) has recently commenced an intensive consultation period on the new QCF Level 4 (SCQF Level 8) benchmark qualification for investment advice. The consultation will run from until 13^th November and the FSSC is encouraging as many people as possible to consider the draft core units and share their views, the earlier the better.

As the first stage of this consultation, the FSSC has published an online survey alongside details of the draft core units which have been developed and agreed over recent weeks by an industry-led working group made up of adviser practitioners, trade association representatives, professional institutes and awarding bodies. The online survey will be open for an eight week period from 1^st September to the 27^th October. You can access the online consultation survey here.

In addition, the FSSC – which was tasked by the FSA to develop these new examination standards in consultation with the industry – has published dates and venues for a series of face-to-face events across the UK, which are open to all interested parties. 

Sarah Thwaites, FSSC Director of Skills and Development, who is hosting these events, commented: “This consultation is vital to help us gauge support levels for the draft core units agreed by the Professional Standards Advisory Group*, and to identify any specific areas we need to review or develop further, before we propose final standards. We’re keen to hear from as many employers, individuals and representative groups as possible within the professional financial advice sector, and we will consider and respond to all recommendations and concerns raised.”

The FSSC has so far announced the following regional events, with more to follow:

Birmingham: Wednesday 18 September (LSC, 15 Bartholomew Row)
Manchester: Wednesday 23 September (Manchester Met University Business School)Belfast: Thursday 24 September (Jury’s Inn, Great Victoria Street)
Edinburgh: Wednesday 30 September (Jury’s Inn, Jeffrey Street)
Cardiff: Wednesday 7 October (Express by Holiday Inn, Cardiff Bay)
London: Tuesday 13 October (Grange Fitzrovia Hotel, Bolsover Street)
Leeds: Tuesday 20 October (Leeds Financial Services, 22 East Parade)

The events are free to attend and will run from 10am until 3pm, with lunch and an opportunity for networking included. A consultation on National Occupational Standards: will take place 10am – 12pm, followed by a consultation on RDR Exam Standards 1pm – 3pm, except in Leeds and Birmingham where it will be only RDR consultation taking place 11am – 1.30pm and Manchester 1.30 pm – 3.30pm.

Alongside this consultation, the FSSC has begun its focus on developing standards for the specialist units that, along with the core units, will make up the overall examination.  As with the core units, this will be an inclusive, co-operative process, initially involving a series of dedicated working groups, before opening up a second period of open industry consultation towards the end of the year.

The final agreed standards will be used by examination providers to create new qualifications. All new entrants will study towards this enhanced benchmark level once these qualifications are available in mid 2010. Transitional arrangements have already been announced for existing investment advisers who will be required by the FSA to achieve the new standards by the end of 2012. 

If you require further information on the RDR or would like to register for any of the events, please contact emily.christofides@fssc.org.uk. 

* The Professional Standards Advisory Board, which acts as a steering group for this project  and agreed the draft core units, is made up of the FSSC, FSA, professional bodies, trade associations, HM Treasury and the FSA’s consumer and practitioner panels. For full details, click here.