The FSA has published the names of the six professional bodies it is likely to grant accredited body status.
In its quarterly consultation paper published today the FSA names the six bodies it intends to grant accredited body status as the CFA Society of the UK, the Chartered Institute for Securities and Investment, the Chartered Institute for Bankers in Scotland, the Chartered Insurance Institute, the Institute of Financial Planning, and the Institute of Financial Services, which is a division of the ifs School of Finance.
The six bodies are subject to consultation.
Accredited bodies will be responsible for issuing advisers with their Statement of Professional Standing, which will certify that advisers have reached the minimum qualification requirements under the RDR.
The organisations awarded accredited body status need to have satisfied the FSA that they act in the public interest and in the further development of the profession, and that they carry out effective verification services.
Accredited bodies will also need to have appropriate systems and controls and co-operate with the regulator on an ongoing basis.
The FSA says: “The criteria is based on what we expect all accredited bodies to demonstrate from December 31, 2012 so the proposed accredited bodies may not have all the appropriate capabilities or systems and controls in place now. As the accredited body role is new, it is very unlikely that any accredited body is 100 per cent ready now.
“We are satisfied that the applicants and their independent auditors have provided sufficient detail about how they expect to implement the appropriate systems and controls between now and December 31, 2012.”
The regulator adds it expects to receive further applications from potential accredited bodies and will consult on any decision to accredit those bodies.