The London Institute of Banking and Finance has begun development on its “rigorous” re-evaluation exam equivalent to the Chartered Insurance Institute’s offering.
Money Marketing reported on LIBF’s communication with members in September about its interest in developing an equivalent to the CII’s newly-launched Level 4 adviser re-revaluation exam
LIBF managing director of corporate and professional qualifications, Brian Wilkinson says the Institute’s test will highlight deficits in both technical knowledge and soft skills.
He says: “We are developing a blueprint. LIBF is in consultation with the FCA concerning the test and we will also be consulting industry stakeholders through our Regulatory Education Advisory Panel.
“Our test will help firms identify training needs. An adviser who has been asked to sit the test and fails will have to undertake training to bring skills and knowledge to an acceptable level. Moreover, the adviser will have to re-take the test to demonstrate compliance with the FCA standard.”
Wilkinson says firms are likely to want to retrain and mentor individuals who cannot pass a Level 4 re-evaluation, but warns too much time away from the market may degrade skills even further.
He says: “Our test will be rigorous, but we are giving serious thought to the question of making this test accessible, economic and practical to implement.”
LIBF is the first body to confirm it is following the CII’s move in launching a re-evaluation exam.
The regulator has confirmed it will continue to accept financial advice firms’ own internal annual tests of competency despite new offerings from training bodies.