Quilter has reported that all 10 investment managers in Quilter’s Jersey office are now compliant with the qualification requirements of the Retail Distribution Review (RDR).
The news follows the results of the latest Chartered Institute for Securities and Investment Private Client Investment Advice & Management paper and is 18 months ahead of the deadline imposed by the Jersey Financial Services Commission (JFSC) and six months before the Financial Services Authority (FSA) cut-off date for compliance with the RDR, 31 December.
 
Both the JFSC and the FSA require investment advisers to hold a minimum of an approved Level 4 qualification by their respective deadlines of 1 January 2014 and 31 December 2012, as part of a drive to raise professional standards and improve the quality of investment advice to clients.
 
Tim Childe, head of the Jersey office and a Chartered Fellow of the CISI said: “To have nine investment managers now at Level 6 status and one at Level 7 puts us well ahead of the regulatory deadlines in Jersey.


"But more importantly it provides significant comfort to existing and potential clients by reinforcing the emphasis our company places on ensuring that client assets are only managed by qualified personnel with the relevant years of experience.
 
“Bearing in mind the increase in press commentary and regulatory rulings on firms that have insufficient management skill sets and disciplines in place, we believe that exceeding the minimum standards is the right thing to do.”
 
All investment managers across Quilter’s 13 offices currently hold a minimum Level 6 qualification.

Quilter is a specialist in personalised investment management services with approximately £8.1bn of funds under management (as at 31 March 2012). Clients include private clients, charities and trusts, pension funds, corporate bodies and life companies.

The company employs approximately 380 staff in 13 locations in the UK, Jersey and Ireland and the firm can trace its history back to 1771.