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CII should refund exam money


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


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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.

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