The Chartered Institute of Securities & Investment has launched its Investment Advice Diploma, a new qualification which has been designed to satisfy new minimum requirements coming in under the Retail Distribution Review.

Under the UK regulator’s RDR package of reforms, by the end of 2012 all advisors will have to be qualified at QCF Level 4 or above, which is the equivalent of undergraduate level. The new higher mandatory qualification requirements have prompted detractors to speculate that otherwise competent and experienced advisors will leave the industry rather than go back to the classroom. The CISI is however reporting rising uptake for its qualifications suggesting perhaps that advisors are in fact embracing the idea of more stringent exams.

The CISI’s new diploma comprises two core units covering regulation, ethics, investment principles, risk and personal taxation. The first of the two units is weighted 20 per cent towards ethics and the CISI says that this is a reflection of its commitment to the promotion of integrity and professionalism in the industry.

Over the next couple of months the CISI is also going to roll out specialist units covering securities, derivatives and packaged products, the latter being at level 5 as a reflection of the analytical and higher level skills associated with private client portfolios.

The CISI also announced that the updated, RDR-compliant version of its Masters in Wealth Management, has been recognized as a Level 7 qualification by Ofqual, the UK qualifications, examinations and assessments regulator.

In other news, this week the CISI appointed Peter Jones, who works for Charles Stanley, as president for its south coast branch.