Personal Finance Society Regional Conference

1. ALL ADVISERS will have to meet the new standards as set by FSSC by 31st December 2012. Advising under supervision for those who don’t get appropriate RDR level 4 in time will not be an option. 

 

2. EXISTING LEVEL 3 HOLDERS who need to achieve appropraite RDR level 4 have 2 basic options through the CII. Complete the existing Diploma In Financial Planning (needing 140 credits with 80 at diploma level) or acquire the new Diploma in Regulated Financial Planning (needing 100 credits with 90 at diploma level). The existing Diploma will not exactly match the FSSC new standards and therefore any gaps will need to be filled. However, this does not have to be via exams but structured CPD, or so called ‘qualification top-up’. 

 

3. DIP IN REGULATED FINACIAL PLANNING meets all the new FSSC learning outcomes and as such will not require any gap filling. As this qualifiaction has been designed around the new standards it’s the only option that will not require anything further. Six compulsory exams totalling 100 credits. Five multi-choice and 1 written exam. Of the 6 exams 5 are at Diploma level and 1 is at Certificate level (the protection paper, which mirrors current CF3). New names RO1-RO6. Being launched in stages, starting next month and with last one due in October. 

 

4. MULTI-RESPONSE FORMAT as opposed to multi-choice format, ie. there may be more than 1 correct answer (eg. which 4 of the following 6 are crystalisation events). Pass mark 70%. This will not be an easier exam, simply a different format of testing. Remember the knowledge required is level 4. Although the speaker did say the old level 4 had greater knowledge in it than the new level 4. 

 

5. DIP IN FINANCIAL PLANNING still requires 140 credits but as well as the 8 diploma (JO) & 5 advanced (AF) papers, you can now take the new diploma papers (RO) as well. They are worth from 10 to 30 credits. There are some papers that are direct equivalents, eg JO8 and RO6, and you can’t double up. You’d only receive credit once for equivalent papers. So care would need to be taken with this approach. There are also some grey areas & the CII will confirm shortly which other exams are ‘equivalent’. They are awaiting feedback from the FSSC. For example you may not be able to use both tax papers, JO1 and RO3, together for credits towards the existing dip or adv dip. 

 

6. EXISTING LEVEL 4 HOLDERS will need to go through the process of assessing any gaps and topping-up. And those wanting to go onto level 6 now have a lot of choice. The target is still 290 credits but don't forget that you can't double up with 'equivalent' exams. You could even take the ROs and gap fill as well as achieve credits towards level 6 at the same time. 

 

7. EXISTING LEVEL 6 HOLDERS will need to go through the process of assessing any gaps and topping-up. 

 

8. TOP-UP or GAP FILLING will need to be done by all those who don’t acquire the new Diploma in Regulated Financial Planning. The CII will launch a free diagnostic tool next month to help advisers assess what gaps they have. A set of gap-filling solutions will then be launched by the CII in August. Material includes seminars. conferences, webcasts etc. 

 

9. CONCLUSIONS Planning your route will be essential, whether level 3, 4 or 6. There seemed to still be a huge amount of confusion in the audience. In some ways more after the presentation than before ! 

 

10. AND FINALLY an observation. It seems that the JO8 exam is bullet proof and would be a good exam to do if you were either on your way to level 4 or level 6. Its available to take in July.