For immediate release: Thursday 3rd May 2007
NEWLY STRENGTHENED QUALIFICATION HAILED AS GOOD EXAMPLE OF ACHIEVING FSA STANDARDS
The Investment Management Association (IMA) has joined forces with the Securities and Investment Institute (SII) to launch an improved entry-level qualification specifically for employees new to the fund management industry. Designed to give new recruits a broad understanding of the financial services industry, the Introduction to Investment Foundation Qualification also offers these employees the opportunity to achieve an industry standard early on in their career.
In the move to the FSA's principles-based Training and Competence regime, which will be introduced in November 2007, it is important that standards are not allowed to drop as the existing obligation for many to pass an exam disappears. This enhanced qualification is an employer-led initiative designed to take up the slack.
Dan Waters, Director of Retail Policy and Asset Management Sector Leader of the FSA commented:
"Our new T & C sourcebook gives firms greater flexibility to determine how best to achieve the standards FSA expects - cost-effectively and on a consistent basis. Trade associations have an important role to play and IMA's partnership initiative with the SII is a good example of this in practice."
Victoria Nye, IMA Director of Education and Training, commented:
"IMA is committed to achieving high professional standards in the investment management sector through qualifications that are relevant to business needs. This will also help to enhance the reputation of the industry amongst its customers."
Ruth Martin, SII's Managing Director, commented:
"It is vital for the SII to evolve its "Introduction to Investment" qualification to meet the changing needs of the industry it serves and I am delighted that our work with IMA is increasing the relevance of this important Foundation qualification."
To find out more about the Qualification go to www.sii.org.uk
For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898
Lora Benson, Communications Consultant, SII, 020 7645 0662