The pilot scheme, benchmarked to QCA level 4, has now ended. Unlike alternative qualifications at level 4, this new qualification does not concentrate solely on the acquisition of more technical knowledge, instead paying greater attention to the practicalities of financial advice by building on the individual’s experience and encouraging them to demonstrate their approach to client relations.
For example, a key part of the new qualification involves continuous assessment based on the development of research analysis and presentation skills and a final assessment based on a fact-find sent out to candidates before their exam.
The use of the pre-released case study in the final assessment enables the adviser to develop a better understanding of the client’s circumstances, to think about some of the issues involved and to research any technical information they feel may be appropriate. Some information may change between receipt of the fact-find and the date of exam, as is likely to happen with many real life cases when an adviser makes a subsequent visit to a client.
Pilot participants represented a wide range of practitioners, enabling the ifs School of Finance to consider feedback from an extensive range of perspectives. For example in addition to a number of experienced IFAs there were a number of bank employees, compliance managers, training managers and business & finance academics who took part.
The key findings from the pilots were:
• The new qualification was far more practical and relevant to real life situations than anything available from other awarding bodies at an equivalent level
• It was sufficiently focused on the analysis, evaluation and presentation of information rather than simply testing technical knowledge
• That the qualification meets a real industry need, irrespective of RDR outcomes, although synergy with the stated RDR aspiration of improving service to consumers was clear
• That it was set at the right level i.e. as a post benchmark (CeFA) qualification for those with at least 12 months experience in the financial advice sector.
