CII launches RDR diploma offering 'immediate' results

EXAMS

Yet another way of obtaining level 4. No wonder our brains are getting puddled. Choosing the right one is a feat in itself. Is the object to help or just to fight for income between the training providers

Posted by: TERRY

Diploma 'Lite'

For all thoise who think that multi guess is a credible examination methodology. This merely illustrates how many IFA's are incapable of passing so called Diploma status exams as they are constituted at present. It will help the numbers who pass diploma to go up I suppose.

Posted by: Phil Stevenson

good

A practical solution to a difficult problem. The exams are not the concern with this RDR, it is operating in a post RDR world which is difficult, this exam system allows advisers to cope with the change in business model and pass the qualifications and they can plan them in their historically worst times of business, the quarterly exams all are at good business writing times of the year. I didnt want to leave the CII, exams are no problem to me, but operating the new business model is much more difficult than I envisaged and I have very low business overheads, good quality clients and have always been a good performer and admin person. Advisers need to be comfortable with the new business model well before 2013 or they will be gone.

Posted by: Ron

Timely - but

It is good to see that the CII are bringing out an offering to counter that of competitor testing bodies - but I wonder whether online testing is really the answer. After all, the answer is on the screen and the multiple potential sittings on offer to get through the whole process, may seriously test the bank of random questions available. Once everyone is through Dip PFS (I am assuming that all those who take this are entitled to use the same Dip PFS letters as the rest of us who have already walked the normal route), no doubt a new 'end' target of Advanced will be the accepted goal. Off we go again then with another system to satisfy the dissatisfied masses. Can someone remind me please what all this is really trying to accomplish, who are these exams protecting and benefiting, certainly not the man in the street. The new question perhaps that clients will pose when looking for an IFA is not how many years have you been practicing and how expert are you in the areas I need planning advice on, but what version of the Dip PFS exam did you take ...and how many weeks did it take overall to cram them. Firms could use an interesting extra tactic to promote their business and RI's in future ie 'All our Consultants are Dip PFS qualified through the original fully written CII route'.

Posted by: Anonymouse

Cop Out

Quite simply, a kick in the teeth to those who have spent two hours grinding out a written paper. More an attempt to appease those who have not made suitable efforts to get qualified. Such individuals will now simply skim the material taking a multiple guess examination over and over again until they pass. Why did any of us bother with the hard work in the last 2-3 years, when we could wait for the CII's quick fix to appear?

Posted by: Martin

Where does this leave us?

I agree to some extent with Martin having done 3 JO papers now along with all the time and resources that I have spent with the CII. I also did CF 1-5 and you need these points to get to Diploma and ultimately Chartered which is where i want to go. So i want to know how does this leave the overall points that you need to reach these qualifications? The new papers dont give you enough points to get to the traditional diploma points level so where does this leave those of us who are already nearly there via the JO papers. Im a bit confused.

Posted by: Adam

WHAT A SURPRISE!!

This latest announcement by the CII is not really to help advisers; it is to help themselves, and that is shamefully obvious. The CII have had it all their own way for a few years, ripping off IFAs with the exorbitant cost of exams and study materials, and all of a suddden when they realise IFAs have had enough and are going the IFS route (cheaper and better organised) they have decided that they CAN give results quicker than the ridiculous amount of time you have to wait now. Shame on you CII, and I know I speak for many in my company.

Posted by: Keith Jayne

More Confusion!

Diploma in Regulated Financial Planning! Does the CII not realise that financial planning is not a regulated activity and the FSA has no plans to regulate it?

Posted by: Mike Stafford

IFS Diploma and New Leaf

We have been training many people in The IFS School of Finance Diploma DipFA. We have trained over 150 people and only 1 has failed to attain the qualification. The structure is based upon a 9 month training period and include one on-line multi choice exam at the beginning called FPP and then a coursework piece and then a final examination based upn a pre-issued fact find. This is a superb process for all those who give advice in the industry on a day to day basis as all you need to do is evidence that you have a solid level of advice based knowledge to pass. I strongly recomend te IFS route.

Posted by: Mark Hobbs

Confused

Not sure how the CII and other bodies can claim things are RDR compliant when the qualification requirements are still at discussion stage?

Posted by: Sean

not really the point?

i like an easy solution as much as the next guy but have already, as per many reading this, put in the hours to pass a few J0 papers to add to my meagre G papers and so could argue that this is now devaluing my time etc. However, as far as i am aware, prior to this announcement there was no available Diploma module for regs & ethics so such an introduction is welcome. as to what potential client's might ask in the future - probably more laong the lines of why do i now have to pay you a fee when i have chosen not to for the last 15 years i have dealt with you....

Posted by: phil

Cynical..moi?

Just wondering if the income stream has started to dry up with JO failures in October not bothering to resit in April & increased IFS competition? More multi-guess could result in more resits. More regular income for the non profit making CII More training material available from where? The non profit making CII

Posted by: Mike

TYPICAL EXAM QUESTION

CYNICAL INSURANCE INCORPORATED ARE LOOKING TO INCREASE CASH FLOW BY INTRODUCING A FURTHER SET OF QUALIFICATIONS. A)LIST THE BENEFITS TO THE ADVISER & CLIENT OF THIS ACTION. (1 mark) B)LIST THE BENEFITS TO THE PROVIDER OF THIS COURSE OF ACTION? (10 marks)

Posted by: Beardy

Disgrace

I for one am appaulled that the CII is dumbing down these qualifications for those who have either failed to prepare for RDR, or don't have the intelligence required to pass the current examinations. This is a sad day for thew industry, you wouldn't get the law society or the institute of Chartered Accountants allowing people to get qualified with a Mickey Mouse multi - guess test. Why have I had to do J Papers and AF papers to prepare myself for RDR in advance, just for "Johnny brain dead", to cowboy it together on the back of a multiple choice fag packet!!

Posted by: Stuart

Disgusting

I agree with Stuart above, how can setting multiple choice questions raise the benchmark level of knowledge/qualifications when this approach is all that is needed to gain level 3 accreditation? It smacks of advisors not being prepared or bothered to work hard and pass the Diploma written exams, so the CII need to babysit them by way of an easier approach. How can this possibly be RDR compliant?

Posted by: Gareth

Pragmatic and correct

At last the CII seem to have seen the light. I have some of my Diploma, but not all and will be continuing some of the JO papers (Trusts J02 and Business J03) as they are not on this new version. What is worthwhile remembering is that as this is on-line and hence lower cost, there would be little to stop the CII offerring this as an annual refresher, which would be an excellent option and could be at a reduced cost and to those who knock this exam method, it would give them the opportunity to prove themselves "supperior" to those doing this method. Perhaps it would be good if the CII offered it as an annual re-test to all free every year they pass the restest....

Posted by: Phil Castle

Happy Days !!

Oh happys days ....... anything for an easy life - more fool you Muppets who didn't see it coming !!

Posted by: Ash-Boy

Ash-Boy

I don't think being smug about not having done your exams is particularly professional. The real losers are the clients and our industry if standards are not enhanced

Posted by: Stuart

you have to laugh

It just makes me laugh that the Cii are so quick to jump on new diplomas like the DipFA as they contain 1 multiple choice exam. Cii accuses ifs of offering Diploma Lite was the title if I remember correctly, and now they bring out a Diploma with 6 multiple choice elements. Good job they are not out to profit from RDR (cough cough). I feel sorry for those who have spent thousands on JO papers, and I am glad I have never had dealings with the Cii, they seem somewhat underhand! I agree with Mark Hobbs the ifs School of Finance at least seem to know what hey are doing.

Posted by: Adam (DipFA)