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PMI Accredited Adviser Programme

The PMI was granted Accredited Body status in 2012. The Accredited Body role is performed through the PMI Accredited Adviser Programme (PMI AAP).  This page contains further details on the PMI AAP.

The PMI AAP overview

PMI members and others can join the PMI AAP and this enables members to obtain a Statement of Professional Standing (SPS) and record relevant CPD activity required by the Retail Distribution Review (RDR) regime.

Click here to download a copy of the Guide to the PMI AAP.

PMI AAP regulations

All PMI AAP Members are required to adhere to the regulations of the PMI AAP as well as the PMI's broader governance procedures. In particular this includes abiding by the Code of Professional Conduct.

Click here to view the PMI AAP Regulations.

Click here to download a copy of the Code of Professional Conduct.

PMI AAP and appropriate qualifications

Having an "appropriate qualification" to meet the relevant RDR examination standards is one of the requirements to join the PMI AAP.  PMI has developed an appropriate qualification, the Diploma in Regulated Retirement Advice (DRRA), that fully meets the requirements of RDR and further details on this can be found here. The modules that comprise DRRA are also part of the Advanced Diploma suite and therefore it is possible to obtain this "appropriate qualification" en route to completing the Advanced Diploma.

Prior to the introduction of DRRA and without the relevant DRRA modules, the PMI's Advanced Diploma (formerly known as the Associateship examinations) was and is not recognised as an "appropriate qualification" and we therefore anticipate that those who wish to join the PMI AAP initially will have an "appropriate qualification" from another awarding organisation/accredited body.  Where necessary, PMI will be required to ensure that appropriate gap-fill requirements have been followed.

There are several 'appropriate qualifications' and full details can be found on the FCA's website.

If you possess a qualification that requires gap-fill you may be able to obtain an analysis form the awarding organisation.  The FCA has also developed templates with which gap-fill analyses can be undertaken.  These can be accessed here.  Please contact PMI if you require further guidance on these issues: membership@pensions-pmi.org.uk

How to join the PMI AAP

In order to join the PMI AAP it is necessary to be a member of PMI.  Those who are not currently members can become Affiliate members when they apply to join the PMI AAP using the form below.  Current PMI members will need to opt into the PMI AAP using the form below.  All those wishing to join the PMI AAP must provide evidence that they meet the various admission requirements.

To join the PMI AAP, please complete and return a PMI AAP application form and return it to the PMI together with:

  • any supporting documentation we have asked for (i.e. evidence of your eligibility)
  • payment to cover the membership fee and SPS fee (if necessary)

Please click on the relevant links for:

  • a summary of relevant fees
  • a payment form

In order to allow verification of qualifications, gap-fill if necessary, and other requirements, individuals should expect to receive confirmation of the outcome of their application within 6 weeks of submission.

A summary of the requirements of the PMI AAP can be found here.

The PMI AAP Statement of Professional Standing (SPS)

The PMI AAP SPS is evidence that individual retail investment advisers have met the relevant professional standards set out by the FCA. Individuals who join the PMI AAP and meet the requirements will be issued with an SPS. Those individuals who are newly qualified, and have not been undertaking CPD, will be issued with an Initial SPS.

Continuing Professional Development (CPD)

Maintaining professional competence through CPD is a key element of the RDR regime.  If CPD requirements are not met, an SPS cannot be issued.  To meet the requirements for retail investment advisers set by FCA, members of the PMI AAP are required to undertake a minimum of 35 hours of appropriate CPD.

Note: For PMI AAP Members who also have a CPD requirement allied to their PMI membership grade, (ie Associates and Fellows), PMI AAP CPD will be deemed to have met PMI's own requirements.  Further details on PMI AAP CPD requirements can be found here.

RDR relevant events for CPD and/or gap fill

PMI runs events that are relevant for PMI AAP CPD to assist members meeting the requirements.  For details of our upcoming qualifying events, please see the Events page.

PMI AAP and PMI News

There is a monthly PMI AAP column in PMI News. The column contains important information about the PMI AAP and updates on recent developments of relevance to PMI AAP members.

Governance

The PMI AAP is overseen by the PMI AAP Committee which reports directly to the PMI Board.

Further Information

The PMI AAP is administered by the Membership Department of PMI and queries can be directed to membership@pensions-pmi.org.uk

Documents

  1. PMI AAP Summary Requirements February 2015

    PMI AAP Summary Requirements February 2015

  2. PMI AAP CPD Workshop Booking Form

    PMI AAP CPD Workshop Booking Form 20 February 2018