AIFA launches Level 5 alternative assessment

AIFA plans to launch its own case-study based alternative assessment which will qualify advisers to QCF Level 5, a level above the new minimum for UK advisers set by the RDR.

The Diploma in Investment Planning will, AIFA says, help existing advisers "apply and demonstrate" the knowledge and planning skills gained in achieving their existing advice qualifications and via their experience as IFAs.

It involves working through a series of scenario-based case studies designed to assess the adviser's ability to develop and present suitable recommendations to their clients.

The new award is expected to be at the equivalent of QCF level 5, future-proofing any additional qualification requirements which may emerge and meaning they will not need to undertake gap-filling CPD.

AIFA director general Chris Cummings says: "We have consistently supported the drive towards higher industry standards that will enhance the standing of IFAs among the public. But, this should not be at the expense of driving good, experienced advisers out of the profession.

"The new Diploma enables advisers to demonstrate their knowledge and planning skills through familiar, client-based scenarios.

Earlier this month, the CII outlined its planned alternative assessment route for advisers to gain a Level 4 equivalent qualification before the 2012 deadline. The CII exam will also feature case studies, as well as oral presentations of knowledge.

Registrations for the Diploma will be accepted after the Financial Services Skills Council (FSSC) has published its list of Approved Examinations, with the first assessments offered from 1 August.

AIFA says it is responding to demand from members to ensure every qualification route is available to IFAs.

The body is working with the Chartered Institute of Bankers in Scotland (CIOBS) and BPP Learning Media to offer the Diploma it says will help existing advisers apply and demonstrate the knowledge and planning skills gained via their existing advice qualifications and their experience as IFAs.

This is achieved by working through a series of scenario-based case studies designed to assess the adviser's ability to develop and present suitable recommendations to their clients.