FSA allows ICAEW to accredit financial advisors; No merger for ICAEW/CIPFA

Retail financial advisors can be endorsed by the ICAEW, after the institute gained the approval of the Financial Services Authority (FSA).

The approval enables the ICAEW to endorse retail financial advisors. Under the retail distribution review (RDR) all financial advisors will require a statement of professional standing (SPS) from an accredited body by 1 January 2013 to be able to continue advising clients.

The ICAEW will now be able to issue SPS to retail financial advisors who have met the FSA's new qualification standards and also monitor their continuous professional development.

"The Retail Distribution Review represents a significant change for retail financial markets and financial advisors and ICAEW will now play a part in delivering an enhanced regime for consumers," Vernon Soare, ICAEW executive director, professional standards.

"We are committed to supporting our members and member firms in this period of change and providing them with new opportunities" he added. "This is part of a long term strategy to increase the services that ICAEW offers to members and also to build on our consumer focus."

No merger for ICAEW/CIPFA

There are no plans for a merger between the ICAEW and CIPFA, according to Michael Izza.

In a wide-ranging interview with Accountancy Age taking in his five-year anniversary as chief executive, Izza said there was no chance of revisiting the proposed merger with CIPFA, which was narrowly voted down in 2005.

"There are no formal merger plans in the short, medium or long term," Izza told Accountancy Age.
He hoped that CIMA would decide to return to the institutes' umbrella organization the Consultative Committee of Accountancy Bodies (CCAB)

However, the five bodies (ICAEW, ACCA, CIPFA, ICAS, Chartered Accountants Ireland) within the CCAB would "continue forward" without them.

Izza also discussed the institute's public policy strategy, international focus, the new Practice Resource Centre, the outlook for small and medium-sized firms - and the soon-to-be revised qualification.