The group have also launched a support package for CII study and examinations.
SimplyBiz says it is expecting over 5,000 exams to be taken this year by members. New firms joining either company will also be eligible for the support package, along with a full refund of their exam fee.
SimplyBiz chairman Ken Davy says the increased support is designed to kick-start study and exam take up well in advance of the RDR.
He says: “We support the RDR’s focus on increased professionalism and whilst it is clear that diploma level will be the likely requirement, the cost implications of this for firms and individuals have so far been ignored. We believe this initiative will address this issue by providing all advisers served by SimplyBiz and Compliance First with a full examination fee refund for every pass as well as delivering a subsidised comprehensive support package.”
CII director of financial services Steve Jenkins says: “We are absolutely delighted to be working with SimplyBiz and Compliance First in this major initiative. We believe this will make a very significant contribution to raising standards in the market and will provide advisers with a comprehensive programme of support.”