The new diploma consists of two core units that cover regulation, ethics, investment principles, risk and personal taxation. The first core unit contains 20% of its questions on ethics, which the CISI said reflects its “strong commitment to the continued development of professionalism, particularly the promotion of integrity, among its student members”.
Specialist units to cover advising in securities, derivatives and packaged products will be rolled out over the next few months, the packaged products unit being at Level 5 so that it can focus on the analytical and higher level skills associated with developing private client portfolios.
Based in London, CISI is a global organisation which was originally founded in 1992 as the Securities Institute by members of the London Stock Exchange. It is one of several organisations that provide education and accreditation to the financial advice and wealth management sectors.
Separately, CISI said that Ofqual, the UK government regulator, had awarded a Level 7 designation to its Masters in Wealth Management curriculum, which it has updated to comply with the RDR.
This makes it “the most challenging and senior level wealth management qualification” currently on offer that is RDR compliant, CISI said in a statement.
The RDR is a package of reforms promoted by the UK Financial Services Authority and aimed at making Britain’s advisory industry more transparent and consumer-friendly. It is due to take effect on 1 January 2013.
More information on CISI may be found at its website, www.cisi.org.
