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SJP shuns new CII exam in favour of in-house programmes

Studying-Student-Education-University-Uniball-Pen-700.jpgSt James’s Place says it will stick with its internal adviser assessment programmes rather than offering the planned Chartered Insurance Institute and FCA-backed adviser re-evaluation examination.

Speaking to Money Marketing, an SJP spokesman says the network prefers its in-house continuing professional development, but will not rule out changes going forwards.

He says: “We are confident in the format of our existing programme to cater for the continuing professional development of advisers and our support staff and we’ve no current plans to replace this with the new re-assessment but will continue to review this.”

The CII announced the re-evaluation test aimed at advisers with the Level 4 Diploma in Financial Planning last week.

SJP investigates independence claims made by adviser

The FCA has not ruled out using the test results as a supervisory tool and confirmed it may ask firms to re-test specific advisers.

The exam will contain 100 multiple choice questions to identify overall strengths and weaknesses and firms are encouraged to use it to assess the competency of staff.

SJP’s spokesman says CPD at the network already “encourages continuous learning”.

He says: “We have a comprehensive and structured chartered programme to ensure our advisers remain highly competent. This is supported by access to subject matter experts and management tools that are specially designed to keep our partner practices up to date on technical developments across the sector.”

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Comments

There are 11 comments at the moment, we would love to hear your opinion too.

  1. Is it because a serious proportion of their advisers might find it difficult to pass ?

  2. There is another issue, we are directly authorised but buy in a number of compliance companies assistance. Part of this are annual test for advisers. At £200 an exam via CII this would be an additional cost that we do not need.
    It is correct for those without the facilities, for the FCA to have an additional check if required.

  3. Gosh, large tied insurance company sales force forgoes industry standard examination in favour of individually curated option.

    Hi there, I’ve got the 90’s on the phone here. They’d like their story back please.

  4. Gosh, large company displays economically rational behaviour…

    Here’s a question: If SJP were to convince the CII to (1) tailor their offering for SJP’s restricted model and (2) administer it to all their relevant staff – assuming that cost not materially more than SJP’s current CPD programme – would commentators feel that was a better plan?

    • I nearly agreed with you and then I remembered that Level 4 and gap fill is the MINIMUM required of all advisers whether Independent or Restricted and applies and should apply whether they are restricted by their employer to not advising on something they don’t offer which may be more suitable than what they have in their briefcase. They need to have the knowledge of the product and not have a gap simply because they don’t offer it in order to pass on to an adviser who is not restricted.

  5. This is just another money-spinner by the CII. Any CISI members won’t be participating.

  6. How would this impact the ability of SJP Advisers to obtain roles elsewhere in the industry?.

  7. Richard-James Bourne 13th September 2018 at 11:47 am

    Those leaving derogatory comments suggesting St. James’s Place partners are not capable of passing the new level 4 CII reassessment test, should perhaps consider which firm has one of, if not the largest number, of Chartered Financial Planners in the UK? St. James’s Place.

    Please can advisors act with professionalism and respect for one another.

  8. SJP a network? Rather, I think, it runs its own tied sales force.

  9. Well done to SJP for seeing through this cheap scam.

    CII claim to be a professional body but act like a product flogger. They should be ashamed of themselves.

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