Six set to get accredited body status

The regulator has named the six professional bodies likely to get accredited body status.

In its quarterly consultation paper, the FSA lists the Chartered Insurance Institute, the Institute of Financial Planning, the CFA Society of the UK, the Chartered Institute for Securities and Investment, the Chartered Institute for Bankers in Scotland and the Institute of Financial Services, a division of the ifs School of Finance, as the likely recipients. Confirmation of the final list of accredited bodies is subject to consultation, which clo-ses on July 6.

The FSA refused to disclose how many bodies applied for accredited status and were rejected, saying the application process is confidential.
Accredited bodies will be responsible for issuing advisers with their statement of professional standing from 2013, which will certify that advisers have reached the minimum RDR qualification requirements.

Evolve Financial Planning director Jason Witcombe says: “It is good for advisers to know that accredited bodies are being overseen to ensure consistent standards.”