ICAEW has launched an online gap-fill tool to help financial advisers meet the new qualification standards laid down by the Financial Services Authority as part of the Retail Distribution Review (RDR).
The tool, which has been developed in association with the Chartered Institute of Bankers in Scotland (CIOBS), will help advisers plug any gaps in their knowledge in order to meet the new RDR standards, which come into effect at the end of the year.
Some financial services qualifications were developed before the FSA finalised its new RDR-compliant exam and therefore do not fully meet the new standards. However, existing advisers who already hold such qualifications, known as “Transitional Qualifications”, can fill in any gaps in their knowledge by undertaking a structured programme of learning. Advisers have to show that they have completed the course work and that they can apply it in an advice context. This gap-filling process enables individuals that hold an approved RDR Transitional Qualification to meet the full RDR qualification standards.
A comprehensive list of approved RDR qualifications and details of the gap-fill rules can be found on the FSA’s website:
The ICAEW gap-fill programme is suitable for advisers who hold an FSA approved Transitional Qualification, and who are eligible to apply for ICAEW’s Statement of Professional Standing (SPS). The tool is outcomes based and assess what you know today, thereby avoiding mapping different financial services qualifications across to the RDR examinations syllabus.
Registration for the qualification gap-fill programme costs £95.
Following your application you will be able to access to the online Gap-Fill tool, which is supported by CIOBS and their project partner, Competent Adviser. The facility provides a complete quick start guide to help you get the most out of the system.
Registration is for 6 months. Please note however that you need to ensure you give yourself sufficient time to complete the gap-fill programme and apply for your Statement of Professional Standing ahead of the 31st December 2012 deadline. The last date for Gap Fill registration is therefore 2 November 2012.
Once you complete your gap-fill programme, CIOBS will provide you with evidence that you have identified and met your gaps. This can then be used to support your application for your ICAEW Statement of Professional Standing.
Please note, to apply for the gap-fill programme you will need to provide evidence to CIOBS that hold a Transitional Qualification and be able to confirm that you will meet the general eligibility criteria of the ICAEW accredited body scheme.
To download the application form for the gap-fill programme or for more information about the programme pleases e-mail: firstname.lastname@example.org.
For more information on the Financial Services Faculty and the RDR, please contact: John Gaskell, Manager, Financial Planning & Advice e: email@example.com t: 020 7920 8693.
CIOBS has developed a comprehensive a programme of qualification gap-fill which measures your existing knowledge against the new FSA standards and uses materials from their approved qualification to support your learning to address any gaps you may have. We particularly like the outcomes focussed approach.
Once CIOBS has verified the qualification you hold is on the FSA’s approved list, you will receive confirmation of your registration to the programme. You will be sent a link to the online programme together with your unique login details and password.
You will be given access to user guidelines which will help you work through the programme. There are 5 personal development plans which you must work through – turning each plan from red to green. Once all these are green you will be prompted to contact our helpdesk to issue you with one final assessment – once successfully completed CIOBS will arrange for you to receive your formal confirmation –usually within 10 working days.
This is a programme of structured learning and will be different for everyone depending on current knowledge and experience.
Yes, as CIOBS also has accredited body status you will receive formal confirmation by letter that you have met the RDR qualification standard.
Yes, ICAEW will be able to accept this statement when you submit your application to ICAEW for your Statement of Professional Standing.