Aifa draws up a case study route to level 5
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Aifa has set out plans to launch a QCF level five qualification that gives advisers an alternative case-study route to meet the retail distribution review requirements.
It is working with the Chartered Institute of Bankers in Scotland and BPP Learning Media to offer the new diploma in investment planning.
Aifa says the diploma will help existing advisers apply and demonstrate knowledge and planning skills by working through a series of scenario-based case studies.
The diploma will be submitted to the Financial Services Skills Council for approval and will be formally launched when the FSSC publishes its list of approved exams, with registrations accepted from that date.
The first assessments will be available from August 1.
The new award is anticipated to be equivalent to QCF level five, which Aifa says “future-proofs” it against any additional qualification requirements that may emerge.
The trade body says that advisers will gain a qualification exceeding the minimum level four requirements stipulated within the RDR and will not be required to undertake gap-filling CPD.
Assessments will be available in more than 40 centres throughout the UK, using an online assessment system developed by CIOBS.
The diploma and support package will be available to Aifa members for £655 or £695 for non-members.
Aifa director general Chris Cummings says: “The new diploma enables advisers to demonstrate their knowledge and planning skills through familiar, client-based scenarios. BPP’s online support programme provides a flexible approach in terms of how, when and where IFAs prefer to study for the qualification.”
Pension Transfer Solutions managing director Carl Melvin says: “This is welcome if it prevents a mass exodus of advisers who do not want to take exams but it must be robust and set at a sufficiently demanding level.”
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