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Good News for HNWs: The CISI Has Raised Minimum Qualifications for Investment Advisers
Good news for HNWs. The CISI has announced that in the wake of the RDR raising qualification thresholds for investment advisers from level 3 to level 4, retail investment advisers are in fact going a step further with 75% weighing in at level 6 or 7.
To de-jargon these measures, level 3, the old benchmark for professionals advising on your finances, is the equivalent of an A-level. Level 4 is equal to the first year of an undergraduate degree. Level 6 is the completion of a BA and level 7 is postgraduate territory.
Ruth Martin, managing director of the CISI, says, ‘Many advisers will be starting the new year confident that they meet all of the new regulatory criteria as the RDR comes into force as “business as usual”.’
As well as raising minimum qualifications, the RDR is enforcing a minimum of 35 hours of continuing professional development every year on retail investment advisers.
This is good news for HNWs as it means that they will now receive significantly better quality advice than they were pre-1 January.
Read more from Freddy Barker
Our specialists solve your HNW problems (gratis!)
In this new anti-tax-avoidance era, when so many tax reliefs have been withdrawn, I've heard that investing in a Business Property Renovation Allowance scheme is one of the few remaining good opportunities for maxing your tax position. Is it true that you can get up to 100 per cent tax relief on the amount invested? And what exactly are these schemes? How do they work? What are the upsides? Downsides?
In this climate, it is a relief to see one potentially attractive tax allowance come through unscathed from recent criticism
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