Two Credit Suisse staff in Jersey have recently passed the Chartered Institute for Securities & Investment Certificate in Private Client Investment Advice and Management (PCIAM) paper, which is the benchmark regulatory standard in the wealth management industry.

Mo Baluchi and Allan Stewart recent exam success takes the number of client-facing staff at Credit Suisse staff across the Channel Islands that hold a Level 6 wealth management qualification to 20. A further nine staff are in the process of taking the exam.

From 1 January 2013, the Financial Services Authority’s Retail Distribution Review (RDR) will require all UK investment advisers to reach at least a Level 4 qualification.

RDR is a key part of the FSA’s consumer protection strategy and aims to improve clarity for investors, raise the professional standards of investors and reduce the conflicts of interest in commission-based remuneration for adviser services. PCIAM is a Level 6 qualification and holding it demonstrates a broad understanding of the principles of private client investment advice in the current regulatory environment.

Chief Executive Officer of Credit Suisse in the Channel Islands, Roy McGregor, said that the company is committed to supporting staff in delivering the highest standard of service to clients. ‘The continued regulatory focus on ensuring that staff in the wealth management sector have the right skills and knowledge is fundamental and at Credit Suisse we are well-prepared for the increased regulatory standards that will apply in the UK from 2013.’ said Mr McGregor.

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