The Institute of Chartered Accountants in
England and Wales (ICAEW) has been authorised by the Financial
Services Authority (FSA) to issue the Statement of Professional
Standing (SPS) required by the Retail Distribution Review
(RDR).
As an accredited body the ICAEW will assess
whether retail financial advisors have met the FSA’s new
qualification standards and will monitor their professional
development.
“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,” ICAEW executive director Vernon Soare
said.
The executive director also said this is part
of a long term strategy to increase ICAEW’s services and to build
on its consumer focus.
The institute said it expects to open the
scheme for applications in April.
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