The London Institute of Banking and Finance has laid out plans to develop a tool “similar” to the Chartered Insurance Institute’s Level 4 adviser re-revaluation exam announced last week.
In communication to its members seen by Money Marketing, LIBF says the plans come in response to an open call from the FCA to professional bodies interested in collaborating on similar initiatives.
LIBF says the regulator has confirmed the CII exam does not represent an “exclusive endorsement” agreement and that it is willing to enter into discussion with any professional or award bodies interested in designing a re-evaluation examination.
In the meantime, LIBF says regulator has confirmed it will continue to accept financial advice firms’ own internal annual tests of competency.
LIBF says: “We of course support initiatives to reinforce and maintain standards for professional conduct and appropriate advice. We are giving consideration to developing a similar tool, also in collaboration with the FCA, to support our members and stakeholders.”
The FCA also confirmed it will use any re-evaluation equivalent from another professional body as a supervisory tool if needed.
Following the CII’s announcement of its new exam, the regulator confirmed it may ask firms to re-test specific advisers.
While advisers have to complete at least 35 hours of continuous professional development a year designed at keep knowledge up to date, the FCA said last week that not all firms are re-testing their advisers.
The CII test will be 100 questions long, spread across units R01 to R05.