ICAEW Gains FSA Accredited Body Status

The Financial Services Authority (FSA) has granted ICAEW accredited body status under the FSA Retail Distribution Review (RDR).

ICAEW will now be able to issue statements of professional standing (SPS) to retail financial advisors who have met the FSA’s new qualification standards and also monitor their continuous professional development.

The RDR requires all retail financial advisors to obtain a SPS from an accredited body by 1 January 2013 to continue to advise clients.

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.”

The ICAEW expects to open its scheme for applications in April this year. Applicants will need to provide evidence that they have fully met the RDR exam qualification standards, including any gap-fill requirements. Further details of the application process will be provided by the ICAEW in due course.