RDR compliance with the CFA and IMC
The FCA (formerly FSA) has approved the CFA plus IMC Unit 1: The investment environment, as RDR compliant for those advising and dealing in securities and derivatives.
The combination of these two qualifications is listed by the FCA (on the Appropriate Qualifications table) as fully meeting requirements of the Retail Distribution Review (RDR). Note that this works in combination; IMC Unit 1 or the CFA alone are not RDR compliant.
RDR compliance is also achieved by combining IMC with other RDR specialist examinations.
The IMC became a level 4 qualification on 1 September 2010.
Retail practitioners who took both the CFA and the ‘old (Level 3) IMC were required to undertake a continuing professional development gapfill session in order to ‘fill the gaps’ and to become RDR compliant. The gapfill course was phased out in December 2019.
RDR compliance with IMC and CFA
Holders of the CFA can gain RDR compliance in the following ways:
- CFA + IMC Unit 1: the investment environment (level 4)
- CFA + Full IMC (level 3) Unit 1 + CPD gapfill*
* Please be advised that the gapfill sessions are no longer available.
RDR compliance with CFA Level I and IMC
The FCA (formerly FSA) has approved Level I of the CFA Program, plus the full IMC qualification at level 4, as RDR compliant for those advising and dealing in securities and derivatives.
The combination of these two qualifications is listed by the FCA (on the Appropriate Qualifications table) as fully meeting requirements of the Retail Distribution Review (RDR). Note that this works in combination; IMC (level 4) or CFA Level I alone are not RDR compliant.
RDR compliance is also achieved by combining IMC with other RDR specialist examinations.
The IMC became a level 4 qualification on 1 September 2010.
Retail practitioners who took both the CFA Level 1 and the ‘old (Level 3) IMC were required to undertake a continuing professional development gapfill session in order to ‘fill the gaps’ and to become RDR compliant. The gapfill course was phased out in December 2019.
RDR compliance with IMC and CFA
Holders of CFA Level I can gain RDR compliance in the following ways:
- CFA Level I + Full IMC (level 4)
- CFA Level I + Full IMC (level 3) + CPD gapfill *
* Please be advised that the gapfill sessions are no longer available.
RDR compliance with IMC
The FCA (formerly FSA) has approved the full IMC qualification at level 4 in combination with Level I of the CFA Program as RDR compliant for those advising and dealing in securities and derivatives.
The combination of these two qualifications is listed by the FCA (on the Appropriate Qualifications table) as fully meeting requirements of the Retail Distribution Review (RDR). Note that this works in combination; IMC (level 4) or CFA Level I alone are not RDR compliant.
Retail practitioners who took both the CFA Level 1 and the ‘old (Level 3) IMC were required to undertake a continuing professional development gapfill session in order to ‘fill the gaps’ and to become RDR compliant. The gapfill course was phased out in December 2019.
RDR compliance with IMC and CFA
Holders of IMC can gain RDR compliance in the following ways:
- IMC (level 4) + CFA (IMC Unit 2 is exempted for holders of the CFA)
- IMC (level 3) + CFA Level I + CPD gapfill *
* Please be advised that the gapfill sessions are no longer available.
IIMR Associate Examinations
Just as investors now recognise the CFA designation as the definitive standard for measuring competence and integrity in the fields of portfolio management and investment analysis, so the ASIP designation was recognised in the UK market between its introduction in 1979 and its withdrawal in 2002.
Broadly equivalent to the CFA qualification in content and in rigour, the associate examination was phased out following the 2000 merger of IIMR and LSIP by which the present society was formed. The society continues to support the ASIP designation as a clear mark of professional excellence.
Associates of the Society who passed the IIMR Associate Examinations (ASIP by examination) benefit from the fact that the FCA has included this achievement in the list of Appropriate Qualifications leading to RDR qualified status. The Associate Examinations meet RDR requirements in terms of level (i.e. higher than the level 4 minimum requirement) and size of qualification. However there remain some areas of RDR content that was not covered in the Associate Examinations or needs updating before the full RDR requirements are met. This content needed to be covered by structured Continuing Professional Development (CPD) gapfill amounting to 2-3 days of structured training and some additional reading tasks.
Detailed information on which gaps needed to be filled and guidance on how they were filled is contained in a downloadable pdf document.
For additional clarification on your qualification status with regards to the RDR, please email CFA UK, including the dates of your examinations if possible. Please note that archived records will be required, and your request may take several weeks to process.
CFA UK no longer offers gapfill routes for those who hold the Level 3 Investment Management Certificate (IMC) or ASIP holders.
Gapfill courses completed by those who registered prior to the 1st of December 2019 registration deadline and completed prior to the 28th of February 2020 completion deadline, remain valid for RDR purposes’
Further information is available
here. 