Redefining professionalism

On 28 June the FSA published its latest RDR Consultation Paper (CP10/14) which sets out a summary of feedback received on both CP09/18 and CP09/13 consultations, and contains additional proposals in relation to professional standards work. For an overview of the paper and the latest RDR timetable click here.

On 26 March the FSA published its latest RDR related Policy Statement. The paper reports on responses to the July RDR consultation paper (CP09/18) and gives recommendations on delivering the RDR. For an overview of the paper and the latest RDR timetable click here.

On 7 December 2009 the CII published Building trust through independent standards: Our view on an Independent Professional Standards Board. It sets out our model for the body proposed as part of the FSA's Retail Distribution Review. In an effort to bring the focus of the RDR debate back onto on the central themes of consumers and the public interest, we put forward the body's benefits to both the public and the profession alike, key principles on how it should look, and dispels some myths on its role and cost. This paper is the sixth in our series of Papers in Professionalism. Click here for an Executive Summary.

On 30 October 2009 the PFS published its response to the FSA RDR consultation. It sets out our views towards the FSA’s proposals, focusing particularly on those related to professionalism . To access a 1-page summary, please click here. To download the full document, please click here.

On 29 May 2009 the CII published The New Benchmark: A Model Advice Qualification Post-RDR at QCF Level 4 which puts forward a suggested structure for the new Retail Distribution Review (RDR) benchmark qualification (QCF level 4) proposed by the FSA in November 2008. The paper is the third in a series of Papers in Professionalism.

RDR: A Background: the FSA has been undertaking a detailed review of advice and distribution of retail investment products since 2006. This document provides a background on the development of the proposals.

On 4 April 2008, the CII Group published a Joint Statement of Principles (“the Edinburgh Declaration”) with three other leading professional bodies. It sets out a common perspective and measures to improve professionalism in financial advice.

Edinburgh Declaration 4 April 2008

On 18 March 2010 the CII and PFS published its sixth membership survey capturing practitioners’ views on the RDR. Results show continuing support for the professionalism proposals with more saying they anticipate achieving further qualifications.

PFS/CII Member Survey 6 - download   

On 10 June 2009 the CII and PFS published its fifth membership survey capturing practitioners’ views on the RDR. Results show continuing support for the professionalism proposals with more saying they anticipate achieving further qualifications..

PFS/CII Member Survey 5 - download   

On 22 October 2008, the CII and PFS published its fourth member survey gauging the views of financial advisers and other practitioners on the RDR. It gives a clear support by practitioners for the professionalism proposals under the Retail Distribution Review.

PFS/CII Member Survey 4 - download   

On 28 April 2008, the CII and PFS published its third member survey gauging the views of financial advisers and other practitioners on the RDR. It reveals the strongest support yet for the CII’s proposals for professionalism in financial services.

PFS/CII Member Survey 3 - download   

The PFS/CII published a second member survey in November 2007 gauging views on the RDR and professionalism in financial services. Conducted in early November, among financial advisers and practitioners, it suggests that members would support stronger professionalism in their field.

PFS/CII Member Survey 2 - download   

The PFS/CII published a major survey of financial advisers on their views on the RDR and professionalism in financial services.  It was conducted among PFS and CII members in early September 2007.

PFS/CII Member Survey - download   

The CII Group’s Response to the FSA Discussion Paper DP07/1 on the Retail Distribution Review, submitted on 10 December 2007. It sets out the CII/PFS views on the RDR process and proposes a range of measures to enhance professionalism to be implemented by the industry, regulator and the professional bodies.

CII Response to FSA DP07/1 - Retail Distribution Review

Executive Summary

Executive Summary of CII Response to FSA DP07/1 - Retail Distribution Review

The CII Group’s fifth and final RDR position paper, Building trust and confidence in retail financial services, sets out in detail our proposals to establish a single independent professional standards board to guide and enforce the conduct and the retail financial services profession.

Building trust and confidence in retail financial services - a new professional framework – CII Position Paper 5

The CII Group has today published the fourth RDR position paper entitled ‘Managing conflicts of interest’ and explores this important issue faced by financial advisers and sets out some thoughts and ideas on how this matter could be addressed.

Managing conflicts of interest – CII Position Paper 4

The CII Group has today published the third in a series of position papers responding to the FSA’s RDR Discussion Paper. This latest paper is entitled ‘Higher Standards for Retail Advisors: Managing the Transition’ and proposes ways in which we can achieve a step-change to develop greater professionalism in the retail financial services industry within a reasonable timeframe.

Higher Standards for Retail Advisors: Managing the Transition – CII Position Paper 3

The second paper in our series responding to the RDR looks at how the industry can work together to simplify system of qualifications for financial services (‘alphabet soup’) to benefit both the industry and the general public.

Alphabet Soup: A new recipe – CII Position Paper 2

As part of the CII Group’s response to the RDR we are publishing a series of position papers setting out measures to increase professional standards. The first paper covers what a professional body might look like.

A professional body for retail financial services? – CII Position Paper 1

An independent study by Deloitte and Touche LLP for the CII Group, published in June 2007. The report examines and analyses professionalism in the financial services sector, conducts a detailed comparison with a range of other fields such medicine and the law, and makes several recommendations to enhance market confidence in retail financial services.

CII Professionalism and Reputation Report