Seven directors and associate directors from Channel Island based investment consultancy firm Asset Risk Consultants (“ARC”) have completed the Chartered Institute for Securities & Investment Certificate in Private Client Investment Advice and Management (PCIAM), which is the highest regulatory standard available in the wealth management industry.
Daniel Hurdley, Andrew O’Neill, Graham Harrison, Sanna-Liisa Valtanen, Jonathan Gamble, Stephen McMahon and Phil Lee completed the certificate and this takes the number of client-facing staff at Asset Risk Consultants across the Channel Islands that hold a level six wealth management qualification or equivalent to fourteen.
Jonathan Gamble, director of intermediaries at ARC, said that the current regulatory environment is ensuring that all ARC staff are skilled, experienced and qualified to the high standard clients expect and demand.
“From 1 January 2013, the Financial Services Authority’s Retail Distribution Review (RDR) has required all UK investment advisers to reach at least a level four qualification. It has been agreed that Jersey will implement a similar standard in 2014 and while Guernsey is yet to commit to a decision, ensuring staff in the wealth management sector have the right skills and knowledge is critical given the continued regulatory focus. We have ensured that we are well-prepared for the increased regulatory standards that apply in the UK and will apply in other jurisdictions in the near future,” he said.
RDR is a key part of the FSA’s consumer protection strategy and aims to improve clarity for investors; raise the professional standards of investment practitioners; and reduce the conflicts of interest in commission-based remuneration for adviser services. PCIAM is a level six qualification and achieving it demonstrates a broad understanding of the principles of private client investment advice in the current regulatory environment.
Graham Harrison, Managing Director of ARC, said: “Our business is built on transparency, independence and translating information into knowledge. Continued professional development, combined with leading research, allows us to deliver first class advice to our clients. The passing of the PCIAM is just a small example of the steps ARC continues to make to ensure the advice and service we give remains unsurpassed.”
Category: Finance & Business