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FCA Regulated Activities

PMI and Appropriate Qualifications for FCA Regulated Activities

As part of our on-going review of qualifications in relation to the requirements of RDR, PMI has examined FCA regulated activities and identified the relevant PMI qualifications. 

Key Requirement

In order to undertake any FCA regulated activities an individual must be properly regulated by the FCA and possess an appropriate qualification

PMI Qualifications

  1. For RDR purposes, and in particular the activity “advising on packaged products,” PMI’s new Diploma in Regulated Retirement Advice (DRRA) is a fully RDR compliant appropriate qualification as defined by the FCA.  
  2. DRRA is an appropriate qualification for the FCA regulated activity “acting as a pension transfer specialist.” 
  3. Module 201, which is part of DRRA and the Advanced Diploma, is an appropriate qualification on its own for the FCA Regulated activity “overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes.”
  4. The vocational qualification, Diploma in Member Directed Pension Scheme Administration is an appropriate qualification for the FCA Regulated activity “overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies.

PMI Membership

APMI or FPMI status is an appropriate qualification for the following FCA Regulated activities:

  • Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes
  • acting as a pension transfer specialist
  • Overseeing on a day to day basis safeguarding and administering investments or holding client money
  • Overseeing on a day to day basis administrative functions in relation to managing investments
  • Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies

Further details can be found on the FCA website.