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Compliance tip: Preparing for compulsory reassessments

In the interest of improving the knowledge of retail investment advisers, the FCA and Chartered Insurance Institute have introduced an annual examination.

The Regulated Retail Investment Adviser Re-Evaluation has been launched as an optional resource but is likely to be made compulsory.

The exam consists of 100 questions from the CII’s R01 to 5 units and is available to all level 4 qualified advisers. It will build on and help demonstrate an adviser’s CPD.

It is another step the FCA is taking to promote transparency and fairness and is a natural progression from the Senior Manager & Certification Regime. Similar proposals are likely to be rolled out over the coming year.

Firms should familiarise themselves with the process and consider how best to implement it into procedures. A good start is to download the syllabus from the CII’s website.

Even if the re-evaluation remains optional, it makes sense to cement your team’s competency, inform advisers’ training needs analysis and support annual training and certification processes.

More widely, firms should be progressing with implementation of the SM&CR for the 9 December 2019 deadline. It is crucial to consider the accountability and culture of all employees, not just senior management.

Start by looking at how governance, incentives and remuneration schemes are affecting culture and consider how training and messages from the top can drive a healthier culture that leads to more positive outcomes for clients.

James Marshall is senior regulatory consultant at TCC

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