Individuals who give personal recommendations; where an individual is involved who provides personal recommendations on retail investment products directly over the telephone or face-to-face.
The individual must meet the Training and Competence (TC) standards of a retail investment adviser.
Post-retail distribution review (RDR), the individual will need to meet all the new professionalism requirements, including having QCF Level 4 qualifications, completing a minimum of 35 hours of continued professional development per annum and holding a Statement of Professional Standing.
They must now, and after the RDR rules are implemented, behave ethically, including adherence to the ethical requirements set out in APER12, which they are subject to as an approved person.
Individuals who do not give personal recommendations can provided some support and information to clients, but must not stray into regulated advice, meaning no personal recommendations. The individual must avoid making any judgement on the suitability of one or more products.
The firm must ensure there are appropriate systems and controls in place to prevent the individual from straying into regulated advice or influencing the recommendations provided by the process.
As long as these requirements are met, the individual does not need to have any minimum qualifications or meet any TC standards. This is up to the firm providing the service.
Enable IFA’s of Bishops Stortford believe that to make sure you have the right investment products for you they need to be discussed over the phone or face to face.
No comments:
Post a Comment