The CII covers protection in its full financial planning qualification and through CF6, where the focus is only on mortgage payment protection insurance.
NU director of protection Richard Verdin says a standalone exam is needed. The firm has had preliminary discussions with the CII on the possibility of an exam, potentially called examination in financial protection advice.
Verdin is proposing for the exam to be split into core modules covering mortgage and family protection planning, with additional modules covering business protection and private medical insurance.
Modules will also have to cover product structures, their applications, underwriting, the use of wills and tax rules, says Verdin.
He says: “NU believes that for customers to better understand the importance of financial protection, all who advise on pure protection should have proven their competence through requisite examination.”
CII director of business development Steve Jenkins says: “If the market feels there is a need for us to work with it to build something then we are very receptive to that idea but there needs to be a tangible demand for it.”