View more on these topics

CII should refund exam money

QUALIFICATION

Sandy Scott of the CII states in Money Marketing: “…we can say unequivocally that our new diploma will be better value for money and less expensive than other comparable qualifications”.

This is an astounding change of approach for the CII. Its existing diploma costs up to £3,000. The pricing has always been purposefully obscure.

The new IFS diploma costs a mere £595. The IFS had thousands of advisers sign up to take this to meet RDR level four requirements and the CII were rapidly losing market share. The result? A very belated change in approach and a new qualification priced to be cheaper than the IFS diploma.

As someone who has taken the old CII exams, will they do the ethical, morally right thing by me and other advisers in the same position and refund the £2,500 they have overcharged us?

Name and address supplied

Recommended

Sassoon set to be given role driving reform in the City

Sir James Sassoon is expected to be given a ministerial role driving reform in the City and to be appointed to the House of Lords as a key Government spokesman. Sir James joined the Treasury full-time in 2002 but quit in 2008, before the banking crisis. After leaving the Treasury in 2008, he produced a […]

Cable pledges it won’t be business as usual for banks

Business secretary Vince Cable has vowed to impose tough reforms on Britain’s biggest banks, stressing that there is “no way of going back to the status quo”. Last weekend, in his first newspaper interview since being appointed business secretary, Cable told the Financial Times that the banks faced being broken up, tougher lending controls and […]

Mark to market

There are some areas ripe for investment but everything now hinges on how the new Government handles the defict

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. As someone who took and passed the old ACII exams (plus subsequent FPC exams and G60) I have been told by the CII my qualifications will not meet the level 4 requirement because, they claim, the Associateship was done as a “general insurance” qualification, despite only two out of nine papers dealing with that type of business. This is now after 35 years dealing solely with pensions and investment . When I started as a trainee I was told that the ACII was the benchmark qualification for working in our industry.
    I subsequently attained the designation “Chartered Insurance Practitioner” which meant that I had to keep up to date by carrying out relevant CPD at a high level. That also qualified me to pay the annual subscription at higher rates. So I reckon that is at least 25 years extra subs they have had from me and they now want me to pay for more exams to continue as an adviser. Not only have they had my money but they don’t seem to want to support people like me in the efforts I have made to be professional. It is sad and I am disappointed my loyalty has been “rewarded” so unjustly, but from this type of attitude, it is not surprising that people have gone elsewhere for their qualifications.

  2. With regards to the story I am disappointed that this story was published without prior reference to the CII. To suggest that our existing Diploma costs £3000 is absolute nonsense!

    As regards the anonymous comment regarding their ACII qualification. I understand your frustration but the ACII is not viewed by the FSSC (Financial Services Skills Council)as being an RDR compliant level 4 qualification. Consequently the FSA (NOT the CII) insist advisers need to take other more relevent qualifications. We are only doing what we are instructed to do by the body responsible for defining standards in this sector. We are not acting in isolation and our new Diploma is simply a response to the introduction of new ‘rules’ brought about by the RDR.

    Feel free to contact me if you wish to discuss.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com