Our Retirement Advice Standard (RAS) is only available to qualified financial advisers who regularly practice in the retirement market.
What is the Retirement Advice Standard
By becoming a SOLLA retirement adviser, you receive an endorsement of your skills and experience in working with, and understanding the needs of, people who are at or in retirement. The SOLLA Retirement Advice Standard is a recognised evidence-based award for advisers who wish to work with clients who are seeking FCA regulated retirement advice.
Many people reaching retirement today have a wide range of different pension provisions, built up throughout their working lives. Coupled with the introduction of ‘pensions freedom’ following the Taxation of Pensions Act 2014 and the Finance Act 2015, the need for retirement advice is growing explosively. Most retirees have little experience in pensions and the many choices facing them can be daunting, so it is vital that they have access to high quality advice as quickly and easily as possible.
See below information about the Standard, including minimum requirements, the four standards, benefits, ongoing requirements, the syllabus, application fee, the application process and what to consider before you apply.
Minimum requirements
In order to apply for the Retirement Advice Standard, you must:
- Hold an appropriate (Level 4) financial planning qualification and a current Statement of Professional Standing (SPS).
- Actively advise on pensions and have delivered advice to a minimum of 10 individual retirement clients in the previous 12 months.*
- Offer a wide range of solutions from across the whole market.
* This includes recommendations for drawdown and annuities across a range of fund sizes. This may also include existing clients in retirement for whom ongoing advice and service is provided. (Please note that this relates to the number of clients you have advised, and is not based on the number of products sold.)
The Standard
The standard is consists of three parts:
Standard 1: Technical knowledge and Business Activity
Evidence of appropriate regulatory qualifications and regulatory permissions, and be assessed as competent under the FCA to give financial advice.
Standard 2: Continuing Professional Development (CPD)
Evidence of ongoing CPD related to at- and in- retirement advice by providing CPD records for the previous 12 months. Your CPD must demonstrate it covers both the technical knowledge and understanding of the issues faced by clients at all stages of their retirement planning. (Your CPD log should be uploaded as a PDF, in whatever format they are maintained in)
Standard 3: Maintain and work within a ‘Supportive Environment’
Evidence of a supportive environment* to demonstrate that the environment that you work in supports and assists you in acquiring, maintaining and improving your ongoing knowledge and advice skills in the area of later life lending advice, plus evidence of their Older and Vulnerable client care procedures.
Read our Supportive Environment Guidance Notes for more information about requirements.
Benefits for standard holders
SOLLA support with a range of benefits and resources to help advisers stay up-to-date and connected with later life advice:
- A clear demonstration of having achieved a higher standard with the SOLLA RAS badge and designation
- Your details will be available on the SOLLA RAS website, making your services accessible
- Use of the SOLLA RAS logo for your marketing purposes, an endorsement of your expertise in retirement advice
- Regular newsletters, communications, information, press releases and updates about the later life market, including industry and legislative updates, social care, health and welfare issues
- Access to free CPD training on older client matters
- Access to your local SOLLA regional group, for networking and peer support
- Access to the members area of the SOLLA website, for additional information, resources and support
- Ongoing support to ensure better conversations with your clients for a gold standard of advice
Ongoing responsibilities
- Maintain your retirement and pensions technical knowledge by evidencing you relevant CPD annually
- Adapt your advice and communication processes for older and vulnerable clients allowing for any potential physical and cognitive limitations that may affect the way advice is delivered
- Inform SOLLA of any change of firm details
- Renew your RAS licence annually
Application fees
Initial application: £200 plus VAT
Annual renewal: £150 plus VAT
SOLLA Accredited advisers: As a member benefit, SOLLA Accredited Advisers will be awarded the Retirement Standard, at no cost, subject to eligibility.
Application process
To apply for the SOLLA Retirement Advice Standard:
Step One: Application
Complete and submit the application form - you can save this and return to it before submitting
Step Two: Review
Your application will be subject to a review to ensure that the documentation and information supplied is satisfactory
Step Three: Confirmation
Once you have passed the online application you have achieved the SOLLA Retirement Advice Standard, You will be sent confirmation of your achievement along with your certificate, and details of how to update your website directory listing and how to make the most of your SOLLA standard. Your pin badge will follow shortly.
Before you apply
What information will I need to apply?
Full details of what is required can be found by reading the application form. We would encourage you to familiarise yourself with the questions before beginning the process of application. During the application you will need to upload the following items:
- Statement of Professional Standing
- Evidence of competence status
- Learning Statement (optional)
- Financial qualification certificate
- Pension qualification certificate
- CPD log for the twelve months, having highlighted items directly related to advising older clients on pensions and retirement planning.
Queries or questions?
If you have any questions or require any further information before applying, please contact us on admin@societyoflaterlifeadvisers.co.uk and 03330 2020 454.