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Over 1,000 advisers sit CII test on investment

The CII says it has had an overwhelming response to its latest exam, with over 1,000 advisers sitting its first Savings & Investment module exam on July 15.

It had hoped to attract 1,000 advisers throughout the first year and is pleased by the overwhelming interest shown, which it attributes to IFAs recognising that they need to improve their investment knowledge.

The module, started in June, comes in direct response to comments by the Sandler rev-iew team and the FSA in its exam review about the lack of investment knowledge among IFAs.

Both voiced concerns about advisers, many of whom have a life and pension background, offering investment advice to clients without the necessary expertise.

The exam focuses on the risks and reward of investments, retail product features, regulatory framework, taxation liabilities and portfolio planning. LIA or CII members pay £65 and non-members £75.

CII PR manager Steve Radford says: “Advisers recognise that investment knowledge in particular is an area that they need to improve upon.”

Chartwell Investment Management director Patrick Connelly says: “There is still a fair way to go until the industry as a whole gets to an appropriate level of investment expertise.”

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