FCA and CII announce exam to reassess level 4 diploma qualification
Following the FCA and CII's announcement, we have received many enquiries about whether Wizard Learning will be offering training material and assessments to help to prepare for this new CII exam – a 100 question test spread across units R01 to R05 intended to reassesses a retail investment adviser's level 4 diploma knowledge.

The answer is that this exam is completely voluntary and, while the FCA have said they may use this test as a supervisory tool if they think it appropriate to ask certain firms to retest certain advisers, for now there is no obligation to take the test.

Wizard Learning already offers a way of improving knowledge on each of the level 4 CII diploma units R01 to R05 in our accredited CPD system, which has been helping students to top-up and reassess their knowledge and competence on an ongoing basis for nearly a decade. This means that by using our accredited CPD system you won’t have to take this new exam.

The  accredited CPD system is a comprehensive online professional development tool that provides invaluable CPD support for busy aspiring and qualified advisers – a reliable and essential resource for ensuring that level 4 diploma knowledge is kept up to date, and demonstrated by way of assessments.

This is a clear signal from the CII and FCA that CPD on its own in not likely to be enough going forward, and advisers will have to prove their diploma knowledge by assessment as well as completing CPD.

With our system you have both the assessments AND the learning materials - see the information page at accredited CPD system for more details.

The Senior Managers and Certification Regime also requires firms to focus on how knowledge is maintained and measured.

FCA and CII announce new exam to ‘reassess’ Level 4 qualifications
Money Marketing has issued this article.

The CII information on the exam is here. The exam is called the Regulated Retail Investment Adviser Re-Evaluation (RAR) and costs £150 for non-members and £110 for CII members.

Wizard Learning's comment
With Wizard Learning accredited CPD system there is already a way of proving your R01 to R05 knowledge by online assessment without having to take an exam. You can take exam-style assessments for each of R01 to R05, and you have the online courses for each of the units to enable you to study the knowledge gap areas that you don’t do so well on. Then, after reviewing these areas, you can take further assessments. All your studying also counts towards your CPD as well. 

A free 7 day trial can be requested to see if it meets your requirements. You just need to register (if not already registered), login and then request the trial using the My Account menu link.

Other CPD features included monthly CPD financial updates and assessments, and compliance courses on Financial crime, General Data Protection Regulations (GDPR) and Complaints procedures, all of which have a knowledge assessment.

“I would thoroughly recommend using the Wizard Learning CPD system for your entire CPD recording; it is independent of any accrediting body, inexpensive, useful and so flexible that people will actually use it.” Karen Malin, Managing Director of TheGIConsultant.com Limited, compliance support provider for financial services advisory firms.

“Wizard Learning is integral to all of our CPD requirements. Everyone within the firm benefits from the system in some way, be that through the regulatory modules, CII examination modules or the topical modules such as Workplace Pensions. Mike (the Wizard) is always on hand to help and to offer guidance on the latest regulatory changes which may affect ongoing CPD. The monthly modules are core for our team and the system provides a simple, yet thorough way of keeping up to date with industry developments whilst providing a record of our learning.” Jilly Mann  FPFS IMC, Joint Managing Director, Chartered Financial Planner, Telford Mann Ltd