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.