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Halifax house index shows 0.4% fall in prices in November

The CII has revealed its new exam structure which introduces a module on investment and risk.

The framework also introduces modules on lifetime mortgages (CF7) and
longterm care insurance (CF8) as the CII feels these are possible
high-risk areas.

FPC1 is replaced by CF1 (UK financial services, regulation and
ethics) while FPC2 has been split into four parts as it was deemed to
be too broad. It is represented by CF3 (financial protection), CF4
(retirement planning), CF5 (integrated financial planning) and CF2,
the new module on investment and risk.

The mortgage advice qualification (Maq) is rep-laced by the
certificate in mortgage advice (CF6).

The AFPC is split into 10 modules and holders can use designations
Dip PFS, APFS or FPFS, depending on how many subjects have been
covered.

Advisers wanting to sit the FPC exam have until December 17 to apply
as anyone who has not entered by that date will automatically be
entered into the CII’s new exams.

The CII says firms can apply for some of the costs to be covered by
national training bodies.

Deputy director general Bob Bullivant says: “Advisers who want to
meet the exam requirements through the FPC need to enter the FPC now
before it is too late.

“The new CFP includes an additional module on investment and risk
and we also strongly recommend that all FPC holders who have not
completed the savings and investments exam ensure that their
investment knowledge is in line with the new qualification by
considering the new investment and risk (CF2) exam.”

House prices fell by 0.4 per cent in November, according to Halifax’s
monthly house price index.

The 0.4 per cent fall is smaller than October’s 1.2 per cent
reduction but is in marked contrast to November 2003 when prices rose
by 1.2 per cent.

Halifax says prices have fallen by 0.9 per cent since July.

It says the average house cost 159,947 in November compared
with 160,639 in October and 162,669 in September.

Chief economist Martin Ellis says: “Overall, house prices have
fallen by 0.9 per cent since July and by 0.3 per cent over the past
quarter.

“Last month’s modest fall was smaller than the declines in August
and October, suggesting that a measured slowdown may be under way.

“The slowdown in house price growth and the activity during the past
few months shows that the Bank of England’s interest rate rises are
successfully curbing housing demand.”

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