How to obtain CAS (Competent advisor status)

0:08​ - What is CAS?
1:03 - Why do you need CAS?
2:27​ - How long is CAS?
3:47​ - How do you get CAS?
4:54 - Tips for CAS

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What is CAS?

CAS stands for ‘competent advisor status’ and is defined by Simply Academy as “deeming the advisor competent to provide sound advice…without requiring supervision” although it is worth noting that CAS can be obtained for any role where advice is given (e.g. equity release, financial advice, mortgage advice etc)

Driving license – Jason Cane looks at CAS status in a similar way to obtaining a driving licence in that being an advisor is made up of two parts; the theory and the practical. In this scenario the theory is the industry qualification whether that be CeMAP, DipFA or CeRER and the practical is writing compliant advice in order to provide advice on your own. However, you cannot independently drive a car with just your theory certificate in the same way you cannot go straight into providing advice with just theoretical knowledge. You need your cases to be looked over by a manager / mentor and learn from this in the same way you learn from a driving instructor before you are able to be autonomous.

How to get CAS specifically for mortgage and protection advice

Typically, you should have around 2-5 cases in both mortgage advice and protection advice.

How to get CAS specifically for financial advice

Typically, you should have around 2-5 cases in the key 3 areas of Financial Advisor: Investments, pensions and protection however this can vary from company to company as some would rather you specialised in one area.

Why do you need CAS?

As mentioned above, if you want to provide professional financial services advice on your own in the UK you need to obtain CAS. Otherwise all of your cases will need to be checked by in house compliance, business quality assessor or senior advisor before it is provided to the client. If you want to be a home-based or self-employed advisor, the likelihood is that you will need CAS status.