Colleagues at Douglas based independent financial advisers, Edgewater Associates, are celebrating a stream of recent exam successes in preparation for the Financial Supervision Commission’s (FSC) implementation of the Retail Distribution Review. Steve Locking and Kathy Mitchell each achieved Level 4 in their respective Qualification Credit Frameworks, whilst Caroline Cohen added to her existing Level 4 qualification by attaining the Certificate in Mortgage Advice and Practice. All three join a number of colleagues within the adviser team who are now qualified in accordance with the rigorous new standards set by the forthcoming regulation.
Each candidate was required to sit a series of exams designed to furnish them with a set of core standards in areas as diverse as regulation and ethics, personal taxation, and investment and risk. The qualification guarantees their compliance with international regulatory standards in the financial advice sector and was gained far in advance of the FSC’s January 2014 deadline. First proposed in the UK in 2006 by the then Financial Services Authority, the Retail Distribution Review, or RDR, represents strategic regulatory reform which is unique to the UK. The RDR specifically covers the advised sale of all ‘packaged products’ including pensions, annuities, bonds and collective investments. As well as being designed to improve and regulate the services offered to clients in terms of transparency and payment, the architects of the RDR are also committed to an increased level of competency and professionalism amongst advisers.
Sandra Cardwell, Director at Edgewater Associates, commented on the achievement: “This is a fast paced and increasingly complex industry both in terms of constantly shifting client requirements and industry regulation. The RDR is certainly a positive development with respect to enhancing customer service and transparency and I am very proud that my colleagues were able to meet the rigorous standards set well in advance of its implementation. With a total of 66 years’ experience in the financial services sector, Steve, Caroline and Kathy, hold a range of industry qualifications that can only be further complemented through this recent Level 4 IFA recognition. Congratulations to you all.”
Photo - Pictured left to right are Caroline Cohen, Steve Locking and Kathy Mitchell.
