Dear Wizard Learner

As many of you will be now be aware the CII have recently issued information giving a high level outline of their planned new level 4 diploma which will be called the Diploma in Regulated Financial Planning.

Further details will be confirmed in early June when the Office of Qualifications (OfQual) are expected to give all awarding bodies the seal of approval for the qualifications that they have submitted. At that time we will have full details of the CII’s new “regulated diploma” as well as qualifications from other awarding bodies that have decided to cover the contents of the “regulated diploma”.

The CII’s new qualification will require advisers to pass 6 exams. These cover the new exam standards stipulated by the FSA and the FSSC. This will therefore be suitable for new advisers and some existing advisers.

The 6 exams are:

• R01 Financial services, regulation and ethics - 100 multi-choice questions, 2 hour exam, 60 study hours, 20 credits
• R02 Investment principles and risk - 100 multi-choice questions, 2 hour exam, 60 study hours, 20 credits
• R03 Personal taxation - 50 multi-choice questions, 1 hour exam, 50 study hours, 10 credits
• R04 Pensions and retirement planning - 50 multi-choice questions, 1 hour exam, 50 study hours, 10 credits
• R05 Financial protection - 50 multi-choice questions, 1 hour exam, 50 study hours, 10 credits
• R06 Financial planning practice – written exam, 100 study hours, 30 credits. This may follow the format of the current written style J08 exam, where case studies are sent to candidates two weeks before the exam, which contain client information that forms the basis of the exam questions.

It is expected that those who have passed CF3 will get an exemption from R05 and those with J08 will be exempt from R06.

The biggest change from the existing Diploma in Financial Planning is the inclusion of multi-choice assessment. R01 – R05 can be sat at any time subject to a week's notice. The R06 exam provides a written element with a focus on the application of knowledge, this being a requirement of the exam standards. R06 will be available every two months in January, April, June, July, October and December.

FAQs
Further questions and interim answers based on our understanding and the limited information that we currently have available:

Q. Where does that leave those that have already started the CII Diploma in Financial Planning using subjects J01 to J08?
A. The current J subject diploma will continue in its current written assessment format and qualification credits. Students will also be able to choose from the J and R subjects to complete their Diploma. However they are likely to have to complete some structured CPD to cover gaps between the two qualifications.

These exams will be treated as equivalent so only one credit amount is included this being the exam with the highest credit figure:
CF3 Financial protection and R05 Financial protection
J01 Personal tax and R03 Personal taxation
J04 Pension funding options and R04 Pensions and retirement planning
J06 Investment principles, markets and environments and R02 Investment principles and risk
J08 Financial planning practice and R06 Financial planning practice

Q. How long will the current Diploma in Financial Planning be available?
A. This will continue until at least the end of 2012.

Q. Which awarding body should I choose for my qualification?
A. You will not be short of choices as there are several awarding bodies in addition to the CII planning to release qualifications. If you have not already started your studies it might now be best to wait a few more weeks and see the details of the various options. What will be common to all “regulated diplomas” is that the learning outcomes that are assessed will need to include those stipulated in the standards documents issued by the Financial Services Skills Council (FSSC). Although the learning outcomes will not vary between the awarding bodies the method of assessment will.

Q. Why is there not one common method of assessment for all awarding bodies?
A. If there had been the will then this could perhaps have been achieved when the FSSC gathered all the awarding bodies together in their discussions and working group. What is termed shared units could have been agreed and if this had been done then the assessment method could have been included along with the learning outcomes so all awarding bodies would have assessed in the same way. Unfortunately there appears to have been no appetite for this.

Q. What training material will Wizard Learning provide?
A. We will cover the new R subjects that will make up the Diploma in Regulated Financial Planning. In addition we will continue to support and update all our current training modules for the immediate future. As all awarding bodies offering a “regulated diploma” need to assess the same learning outcomes therefore the training material we issue will be suitable for these as well. We will issue further updates on the qualifications and what we will offer as things develop.

Kind regards

Mike Goldsmith

MD, Wizard Learning
www.wizardlearning.com

Training Directory see here