Recognition of the General Securities Representative (Series 7) Qualification Examination in the UK

The Series 7 (General Securities Representative) qualification examination has been recognized by the Financial Conduct Authority (FCA) of the UK as an appropriate examination since 1997 for the following activities:

  • Advising but not dealing in securities
  • Advising and dealing in securities
  • Advising but not dealing in derivatives
  • Advising and dealing in derivatives

 

On December 31, 2012, the FCA raised its Retail Distribution Review (RDR) examination requirements to Level 4. As a result of changes to the UK examination standards for UK-Authorized Retail Advisers, additional learning content and adherence to mandated ethical standards will be required by all holders of Series 7 qualification examination seeking future FCA Authorization as Retail Advisers in Securities and/or Derivatives.

 

FINRA and the Chartered Institute for Securities & Investments (CISI), an organization accredited by the FCA, signed a memorandum of understanding to ensure that the Series 7 license holders will have the opportunity to achieve authorization as Retail Investment Advisers in Securities and/or Derivatives from the FCA as set forth in the FCA’s RDR.

 

CISI will provide the completion of “gap-fill” where certain knowledge introduced in the new UK RDR examination standards have been identified by the FCA as not requiring examination assessment to all Series 7 holders seeking future FCA Authorization as Retail Advisers in Securities and/or Derivatives. CISI will also assist the holders of the Series 7 qualification intending to apply for future FCA Authorization as Retail Advisers in Securities and/or Derivatives, to study and complete examinations required by the FCA (i.e., the CISI Investment Advice Diploma units “FCA Regulation and Professional Integrity” and “Investment Principles, Risk and Taxation”).

 

For more information regarding RDR, CISI and gap-fill please refer to the following CISI Web page.