“If you wish to use gap-fill you must complete and log any gap-fill with CISI by 31 December 2020.
“CISI has taken the decision to withdraw gap-fill for our exams as it is no longer appropriate to fill the gaps in qualifications in this way as a result of changes made to the exam standards by the FCA. It told International Adviser a reminder had been sent to its members last week about the measure.
The Chartered Institute for Securities & Investments (CISI) informed its members in May that its gap-filling will come to an end by 31 December 2020.
BRAID SOCIETY FILL THE GAP PROFESSIONAL
“As a result, we will be ending the ‘gap-filling’ CPD process as a route for advisers to attain a statement of professional standing from the end of August 2021.” Shared moveīut the CII is not the only industry body to come to this conclusion. “However, given the length of time that has elapsed since the introduction of the RDR, it is now appropriate to end this transitional approach and apply appropriate standards of recognition of prior learning to professionals who have qualifications that do not fully meet the FCA’s criteria for advising on retail investment products. Keith Richards, chief executive of the Personal Finance Society, said: “The gap-filling option effectively managed risks to consumer harm, while enabling a fair transition to RDR qualification requirements for advisers who have, for example, been continuously absent from work.
The measure was introduced when the Financial Conduct Authority (FCA) rolled out the Retail Distribution Review (RDR) in 2013.īut the CII said that a recent review found that the qualifications allowed under gap-fill “are beginning to be outdated”, so it decided to end this option. The scheme allowed financial advisers applying for a statement of professional standing (SPS) to use continuing professional development (CPD) as a way to bridge any missing content between existing and new exams for level 4 qualifications. The Chartered Insurance Institute (CII) recently informed its members it will be phasing out its ‘gap-fill’ programme, which will come to an end in August 2021.
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