RDR and the
Diploma
By January 2013, anyone working in retail sales or advisory
roles will need to move from QCA level 3 to at least QCA level 4,
as set out by the FSA in its drive to boost consumer trust and
confidence in the purchase of investment products.
In order to allow retail advisers to make progress towards
achieving the new level 4 standard between now and the end of June
2010, the FSA have created a 'no regrets' provision. This means
that advisers can achieve a current transitional level 4 (or above)
qualification and upgrade to the new level 4 standard via
additional CPD top-up once the new benchmarks are known.
The FSA have confirmed that the CII’s Diploma in Financial
Planning meets the step-change requirement of a benchmark
qualification at Ofqual level 4. Therefore, under the ‘no regrets’
provision, advisors who achieve the Diploma and are already level 3
qualified (e.g. the CII’s Certificate in Financial Planning) will
only need to undertake the CPF top-up to become RDR compliant. The
FSA and FSSC have confirmed that the CII’s Diploma in Financial
Planning will be acceptable for this purpose up to the end of the
transitional period on 31 December 2012.
About the Diploma
There are no compulsory units and the modular structure of the
Diploma will allow you to choose units suitable to your career
requirements or current job role.
To gain the Diploma in Financial Planning you
will need to have achieved a pass at the Certificate in Financial
Planning level (CF1 – C5), or equivalent and to have
collected at least 80 credits from the following Diploma
level papers:
- J01– Personal Taxation – 2-hour exam comprising 15 compulsory
written short answer questions worth 20 credit
- J02 – Trusts – 2-hour exam comprising 15 compulsory written
short answer questions worth 20 credit
- J03 – The Tax and Legal Aspects of Business – 2-hour exam
comprising 15 compulsory written short answer questions worth 20
credit
- J04 – Pension Funding Options – 2-hour exam comprising 15
compulsory written short answer questions worth 20 credit
- J05 – Pension Income Options – 2-hour exam comprising 15
compulsory written short answer questions worth 20 credit
- J06 – Investment Principles, Markets and Environment – 2-hour
exam comprising 15 compulsory written short answer questions worth
20 credit
- J07 – Supervision in a Regulated Environment – 2-hour exam
comprising 15 compulsory written short answer questions worth 20
credits
- J08 – Financial Planning Practice – 3-hour exam
comprising 2 written case studies worth 30 credits
Note: J01, J02, J04, J05 and J06 are available in April, July
and October. J03 and J07 are available in April and October and J08
exams are available in July and October.