Wednesday, January 25, 2012

ICAEW Granted Accreditation

In July 2011 I wrote:

"The ICAEW plans to "break ranks" with fellow accredited bodies and offer statements of professional standing (SPS) to advisers who make a one-off payment rather than requiring them to join as members.

The ICAEW has applied to be an accredited body, and expects to be approved by the Financial Services Authority in December 2011

The ICAEW has now been granted that accreditation:

"The Financial Services Authority (FSA) has granted ICAEW accredited body status under the FSA Retail Distribution Review (RDR). The RDR requires all retail financial advisors to obtain a statement of professional standing (SPS) from an accredited body by 1 January 2013 to continue to advise clients.
ICAEW will now be able to issue SPS to retail financial advisors who have met the FSA’s new qualification standards and also monitor their continuous professional development. This recognises ICAEW’s experience as a professional body and regulator of the accountancy profession.

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.”

“We are committed to supporting our members and member firms in this period of change and providing them with new opportunities” Vernon continued. “This is part of a long term strategy to increase the services that ICAEW offers to members and also to build on our consumer focus.”

ICAEW expects to open its scheme for applications in April this year when 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 in due course. In the meantime, ICAEW members and employees of member firms should continue working towards achieving RDR approved or transitional qualifications, and meeting any gap-fill needs."

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