Ruth Martin
Download
1 / 12

- PowerPoint PPT Presentation


  • 275 Views
  • Updated On :

Ruth Martin Managing-Director, SII. The Retail Distribution Review May 2008. www.sii.org.uk. SII and the RDR. Affects all three core areas of SII: Attaining Competence Maintaining Competence Promoting Trust.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about '' - Jimmy


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Slide1 l.jpg

Ruth Martin

Managing-Director, SII

The Retail Distribution Review May 2008

www.sii.org.uk


Sii and the rdr l.jpg
SII and the RDR

Affects all three core areas of SII:

  • Attaining Competence

  • Maintaining Competence

  • Promoting Trust


The rdr the fsa s challenges to the industry in the feedback statement of 29 th april 2008 l.jpg
The RDRThe FSA’s challenges to the industry in the Feedback Statement of 29th April 2008

  • To develop a framework for common professional standards

  • To propose how the new sales service would work, which will benefit consumers

  • To product providers to change their remuneration models for advisers.


The rdr the fsa s feedback statement of 29 th april 2008 l.jpg
The RDRThe FSA’s Feedback Statement of 29th April 2008

Our challenge is to the representatives of the whole (retail) industry, and all other stakeholders, to deliver on this apparent consensus for change (the Edinburgh Declaration) that some have issued.….. We are willing to play our part in facilitating discussions and taking whatever other actions that only we are able to progress, but the involvement and cooperation of all relevant industry parties will be vital if the industry is to avoid more direct intervention from us.


The rdr the fsa s aims for professionalism and standards l.jpg
The RDRThe FSA’s Aims for Professionalism and Standards

  • Higher Standards of behaviour

  • Higher level qualifications

  • Higher Standards of on-going Competence (CPD)

  • Better segmentation and labelling of services

  • Greater collaboration between firms, professional bodies, trade bodies and consumers


Slide6 l.jpg

Promote Trust

Demonstrated

through adherence to

Code of Conduct

With opportunities for

self development

Maintain Competence

Developed by range of CPD

Events

and adopt

SII on-line CPD scheme.

Attain Competence

Assessed by external

qualification

SII Model of Competence Developing the Principled Practitioner


The rdr attain competence l.jpg
The RDR Attain Competence

  • Historical links to London Stock Exchange

  • Retail sectors covered:

    • Private Client Wealth Management

    • Retail Securities and Derivatives

    • Discretionary Portfolio Management

  • Welcome the raising of standards

  • History of higher level qualifications

    • SII Diploma with strong Wealth Management stream

    • SII Masters in Wealth Management June 2008 – focussed career pathways – take up has demonstrated real demand

  • Threshold qualifications e.g. Cert IM, Investment and Risk


The rdr maintain competence l.jpg
The RDRMaintain Competence

The CPD Challenge

  • What additional CPD might be needed?

  • Compulsory CPD for Retail practitioners?

  • Strong recommendation to join appropriate professional body


The rdr promote trust l.jpg
The RDRPromote Trust

  • Practice Certificate

  • ‘e’ learning ethics module

  • Membership and Code of Conduct


Slide10 l.jpg
The RDR Under the “Edinburgh Declaration” a Potential Professional Standards Board might, be responsible for:

  • Better labelling (the “alphabet soup”)

  • Introduction of higher-level qualifications (with transitional arrangements)

  • Making industry-wide Code of Ethics

  • Setting broad CPD standards

  • Developing Practice Certificates linked to all aspects of professionalism (the “Principled Practitioner”)

  • Support and active involvement by of regulators, consumers and statutory and trade bodies

  • Information sharing and discipline.


The rdr l.jpg

The RDR

Your Comments on the FSA’s and the SII’s professionalism proposals


Slide12 l.jpg

Ruth Martin

Managing-Director, SII

The Retail Distribution Review May 2008

www.sii.org.uk


ad