The Jersey Financial Services Commission (JFSC) has mandated financial advisers working for Jersey businesses, and who advise clients who are not Professional Clients, meet specific, new qualifications requirements (at Qualification and Curriculum Authority (QCA) level 4), wherever those clients are resident.
This affects all persons registered to give investment advice and individuals must be qualified to level 4 by the end of 2013.
This means that the JFSC’s Review of Financial Advice now has qualification requirements in common with the UK FSA’s Retail Distribution Review. The CISI has produced a booklet* for existing and new advisers in Jersey, and their firms, setting out the qualifications that are available from the CISI.
Ruth Martin, CISI’s Managing Director, said: “We welcome the JFSC’s Review of Financial Advice and look forward to working with firms and supporting individuals in Jersey affected by this initiative. Many advisers on the island are already qualified at the new level and have shown and continue to show a passion for professionalism.”
It is expected that, as in the UK, many advisers will chose to attain qualifications above level 4, such as the CISI’s Certificate in Private Client Advice and Management, which is at
The CISI has almost 1,000 members in Jersey and its local branch organises regular continuing professional development (CPD) events throughout the year.