IFP aims to customise level 4 exam as gap-fill alternative

The Institute of Financial Planning is in discussions with qualification provider Calibrand about developing a customised version of its QCF level four diploma as an alternative to gap-filling.

The FSA told advisers last June that they would be able to meet RDR qualifications by plugging any gaps in their existing qualifications.

The FSA also confirmed in its final rules on professionalism last month that any qualification gap-filling must be independently verified by an accredited body. The IFP partnered with Calibrand and the Scottish Qualifications Authority in November to offer the RDR-compliant diploma in professional financial advice.

The IFP is now in talks with Calibrand about a customised version of this diploma for its members to sit as an exam rather than having to carry out gap-filling.

IFP chief executive Nick Cann says the institute is still looking at how easy such a test would be to deliver to members and what the likely cost is before making any definite plans to launch an exam.

Cann says: “We are exploring a number of items to make gap-filling as straightforward as possible to meet the standards.

The IFP is looking to bring solutions to market and is talking to Calibrand about what these might look like.

One of those is a discussion about a customised diploma as a gap-filling alternative.”