The Chartered Insurance Institute has published its proposed QCF level 4 qualification in regulated financial planning, aimed at new and existing advisers.
It says it cannot yet give an indication of the cost of the new diploma but insists it will be “better value for money” than the existing one.
The qualification will be launched once it has been approved by the FSA, the Financial Services Skills Council and Ofqual in June, when the list of approved exams is expected to be published.
The CII says the first of the core subjects, R01, will be available from July and the rest will follow in September.
The new diploma will incorporate multiple-choice questions and case histories. Advisers will be able to sit the exams at testing centres on any working day and complete them online and receive immediate results. The CII will also offer a suite of services and study aids aimed at helping advisers pass the exams.
CertPFS qualified advisers working towards the existing diploma in financial planning, can continue with J0 modules or select relevant modules from the new syllabus.
Advisers who incorporate some of the new modules into the existing diploma will still be awarded the diploma in financial planning.
Only new entrants and advisers who take the qualification in its entirety will be awarded the diploma in regulated financial planning.
The CII says it plans to phase out the diploma in financial planning and replace it with the diploma in regulated financial planning over the next five years.
Chief executive Sandy Scott says the diploma offers “tremendous flexibility”, allowing advisers to pick and choose the programme that is most relevant to them.
He says: “As a not-for-profit professional body, we can say unequivocally that our new diploma will be better value for money and less expensive than other comparable qualifications.”
Money Marketing will be launching its RDR Academy, in conjunction with the CII, in mid-May.