Aifa launches alternative level five RDR qualification
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The Association of Independent Financial Advisers has today announced plans to launch a QCF level five qualification for advisers that gives an alternative, case study route to meet the RDR requirements.
Aifa is working in conjunction 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 the knowledge and planning skills gained in achieving their existing advice qualifications and via their experience as IFAs.
This will be demonstrated by working through a series of scenario-based case studies designed to assess the adviser’s ability to develop and present suitable recommendations to their clients.
The diploma will be submitted to the Financial Services Skills Council for approval and will be formally launched when FSSC publishes its list of approved examinations, with registrations accepted from that date.
Aifa says 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.
The new award is anticipated to be at SCQF level nine, equivalent to QCF level five, which Aifa says “future-proofs” any additional qualification requirements that may emerge.
The first assessments will be available from August 1, 2010. The diploma and support package will be available to Aifa members for £655. The cost to non-Aifa members will be £695.
Assessments will be available in more than 40 centres throughout the UK on demand, using an online assessment system developed by CIOBS.
Aifa director general Chris Cummings says: “We have consistently supported the drive towards higher industry standards that will enhance the standing of IFAs among the public. But, this should not be at the expense of driving good, experienced advisers out of the profession.That is why we are delighted to be working with CIOBS and BPP to help members meet the FSA’s qualification requirements via a case study based Diploma.
“We are determined to support IFAs that are committed to high professional standards. 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. This is different from any qualification currently on offer to advisers.”
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Readers' comments (16)
Dathan Steele | 12 Apr 2010 1:30 pm
Online assessment system? Sounds like a multi choice cop out to me!
The multi guess system was, I'm told originally developed for the American military as the GI's were too thick to pass written exams :)
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Anonymous | 12 Apr 2010 1:46 pm
And yet another version appears! By the time we get to December 2012 it is quite possible we will have half a dozen Diploma routes available, all with their various drawbacks and benefits (as perceived by the IFA communuity) depending on the expertise of RI's and product floggers. So, how does Joe Public select an IFA ...and how do all these various plans stack up on a CV. Will future IFA firms and Banks only recruit RI's who have the CII Dip PFS exam based route, or will they happily take RI's who have taken the multiple guess online plus case studies (that gives time to refer to text books) and techncial chat route. Time will tell. By the time it gets to 31 Dec 2012 no doubt there will be a move to making the CII Chartered status the accepted level for all advisers who want to be seen on a par with Solictors and Accountants. Bring it on. That will sort them all out. Why we are at it why not change the whole mess in future to offering a full Financial Services Chartered Degree at University and then get successful candidates to apply to successful IFA firms for articles.
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Alex Docherty | 12 Apr 2010 2:14 pm
There are several universities offering Degrees in Finacial Services but surprise, surprise the CII only recognise them as being a part qualification for getting Cert PFS.
So basically if you already have a degree, to qualify for a lower standard of qualification, pay the CII. Anything wrong with this picture?
Until there is one, and only one recognised qualification, IFA's will never have the same credibility as accountant's and solicitors. But as usual there are too many vested interests trying to organise the alcoholic refeshments at the brewery.
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Anonymous | 12 Apr 2010 4:08 pm
Accountants don't just have one recognised qualification - there's lots...AAT, CAT or CIMA...
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Anonymous | 12 Apr 2010 4:12 pm
I keep holding out for an exam/qualification that will provide me with the easiest route to level 4 qualification as I can't afford to take ttoo much ime off work & study. Times are hard enough as it is! I guess we might all have to wait till the last minute & decide how to proceed. It all seems to be a bit of a mess really.
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Anonymous | 12 Apr 2010 4:25 pm
Until the industry and the regulatory make their mind up and decide how they wish to measure an adviser's qualifications, we as an industry we will have problems understanding what we need to do, let alone explain to the public why we should be treated with a higher degree of respect.
If we want professionalism we need to get our act together to set out one or two agreed routes. While I understand those who dislike the CII and their exams, I believe the action of AIFA have yet again started to undermind the work of those who do believe that Financial Planning should be seen as a profession on the same stance as a Lawyer, Accountant or Doctor. They do not get to do casestudies to prove their knowledge, their professional exams are set with very high standards, so it is common for many people to have to retake them.
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Rod | 12 Apr 2010 4:51 pm
All GI's might have a different view to Dathan Steele, No doubt you are one of the new highly Qualified IFA's .... .
Dathan besides being a long standing member of the IFA community, I still hold a Queens Commission, perhaps a stint in the Forces might change your attitude a little! however I will not be taking any more exams to do what I have been doing for 36 years.
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Anonymous | 12 Apr 2010 4:59 pm
I can't see why they would have a difficulty in gaining the same level of kudos provided it's a like for like qualification.
I can name at least half a dozen accrediting bodies for accountancy alone, and it doesn't seem to impact on them (in between CIOT CIMA ACCA ICAEW AAT and numerous others)
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Anonymous | 12 Apr 2010 5:56 pm
And yet another version appears! By the time we get to December 2012 it is quite possible we will have half a dozen Diploma routes available, all with their various drawbacks and benefits (as perceived by the IFA communuity) depending on the expertise of RI's and product floggers. So, how does Joe Public select an IFA ...and how do all these various plans stack up on a CV. Will future IFA firms and Banks only recruit RI's who have the CII Dip PFS exam based route, or will they happily take RI's who have taken the multiple guess online plus case studies (that gives time to refer to text books) and techncial chat route. Time will tell. By the time it gets to 31 Dec 2012 no doubt there will be a move to making the CII Chartered status the accepted level for all advisers who want to be seen on a par with Solictors and Accountants. Bring it on. That will sort them all out. Why we are at it why not change the whole mess in future to offering a full Financial Services Chartered Degree at University and then get successful candidates to apply to successful IFA firms for articles.
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Anthony Badaloo | 12 Apr 2010 8:04 pm
Competition is never a bad thing. The Qualification Business is a burgeoning industry. There's now a glut of kids coming out of university with great qualifications, and who can't perform the simplest of tasks in the real world.
Time to give some credit to hard earned experience. And what about people skills?
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