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Finance Advice

This area is a list of suitable qualifications which are currently available in the sector.
We cannot definitely say that these qualifications will or will not meet the new requirements of the Retail Distribution Review.

For further information on our advice regarding qualifications under the Retail Distribution Review, please visit our FAQs.

In light of the FSA feedback statement on the Retail Distribution Review (RDR), which examinations should I be taking?

The FSA's proposal is to raise the current qualification requirement level from level 3 to 4. Individuals who are currently studying for a level 4 qualification are advised to continue studying and can fill any gaps from the new appropriate exam standards by CPD. The FSA will be consulting on this review in June 2009.

Advising on Packaged Products (which are not broker funds).

Packaged Products

1. a life policy;
2. a unit in a regulated collective investment scheme;
3. an interest in an investment trust savings scheme;
4. a stakeholder pension scheme;
5. a personal pension scheme;

Whether or not (in the case of (a), (b) or (c)) held within an ISA or a CTF and whether or not the packaged product is also a stakeholder product.

 

Qualification	Awarding Body	Appropriate Exam	Meeting NOS
Certificate for Financial Advisers (CeFA) – Post 1/11/2004	IFS School of Finance	Yes	Yes View NOS
Certificate in Financial Planning	Chartered Insurance Institute	Yes	Yes View NOS
Certificate in Investment Planning (Post 17/09/2004)	Chartered Institute of Bankers in Scotland	Yes	Yes View NOS
Level 4 Diploma in Financial Planning	Chartered Insurance Institute	No	No
Level 6 Advanced Diploma in Financial Planning	Chartered Insurance Institute	No	No
Level 4 Diploma for Financial Advisers	IFS School of Finance	No	No
SCQF Level 9 (QCF Level 5) Diploma in Investment Planning	Chartered Institute of Bankers in Scotland	No	No

 

Islamic Finance

The Islamic Finance qualification is aimed at new and existing investment professionals specialising in Sharia'a compliant finance trade, investment and insurance.  Covering Islamic Finance from both a technical and Sharia'a perspective, the IFQ is a practical Islamic Banking qualification which also covers legal aspects of Sharia'a which underpins all Islamic contracts.

Qualification	Awarding Body	Appropriate Exam	Meeting NOS
Islamic Finance Qualification (IFQ)	The Chartered Institute for Securities & Investment	No	N/A

 

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Financial Crime

In accordance with section 6(3) of the Act) any kind of criminal conduct relating to money or to financial services or markets, including any offence involving:

1. fraud or dishonesty; or
2. misconduct in, or misuse of information relating to, a financial market; or
3. handling the proceeds of crime;

In this definition, "offence" includes an act or omission which would be an offence if it had taken place in the United Kingdom.

Qualification	Awarding Body	Appropriate Exam	Meeting NOS
ICA Diploma in Financial Crime Prevention	International Compliance Association	N/A	Yes View NOS

 

 

 

 

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