The New Model Business Academy has launched an alternative assessment qualification which will cost half the price of the Chartered Insurance institute equivalent.
The Diploma in Professional Financial Advice has been approved by the FSA and will cost £980.
The CII launched its alternative assessment earlier this year but has yet to receive applications for the scheme outside of its initial pilot launch.
The CII assessment costs £1,950, compared with the CII’s diploma in regulated financial planning which costs £981 for members and £1,284 for non-members.
Aifa launched an alternative assessment in April 2010 which is based on case studies at a cost of £665 for Aifa members and £695 for non-members.
Chairman of NMBA parent company SimplyBiz Ken Davy (pictured) says: “It has taken almost two years to achieve, but I believe this is tremendous news for a great many experienced advisers.”