Review of Financial Advice — 'Jersey RDR'

The Review of Financial Advice (RFA) is the Jersey Financial Services Commission’s response to the UK Financial Services Authority’s Retail Distribution Review (RDR), which took effect from 1 January 2013. The RFA proposals are currently scheduled to take effect on 1 January 2014. It is expected that amendments to the codes of practice to implement these changes will be published in due course.

All persons registered to carry on classes C and D investment business in Jersey and all investment employees at such firms (together with their current and prospective clients) will be affected by the proposals:

  • Clients will be divided into “Professional”* or non-Professional (retail) categories and divided into those who are Jersey resident and those who are not.
  • The benchmark qualification level for all investment employees who provide investment advice to non-Professional or retail clients (wherever resident) will be raised to the equivalent of level 4 QCF (Qualifications and Credit Framework) or level 4 NQF (National Qualification Framework) with an option for ‘gap-fill’ in some circumstances. 
  • So called ‘grandfathering’ (where certain employees continue to give investment advice based on their experience, despite not holding the required qualifications) will not be permitted…

If you are registered and logged in to the site, click on the link below to read the rest of the Mourant Ozannes briefing. If not, please register or sign in with your details below.

 

Overview

6th Floor
125 Old Broad Street
London
EC2N 1AR
UK
http://www.mourantozannes.com

Total partners: 51
Total fee earners: 248