Diploma in Financial Planning

Confirming your status, enhancing your potential

The Retail Distribution Review (RDR) has proposed the introduction of new minimum qualification requirements for financial advisers: the need for an Ofqual (Office of the Qualifications and Examinations Regulator) accredited Level 4 qualification.

It is proposed that current practising advisers must obtain a level 4 qualification, such as the CII's Diploma in Financial Planning, by the end of 2012 (new entrant advisers will be under a requirement from 2010 – further advices to follow).

Learn more about the RDR.

Details of the FSA’s qualifications requirements have yet to be finalised, but the indications are that anyone holding the Diploma in Financial Planning will meet the new required standard. And should any additional knowledge requirements be identified in the interim, Diploma holders will be able to address these through undertaking continuous professional development (as opposed to other examinations).

The Diploma in Financial Planning develops advanced technical knowledge and understanding across a broad range of key advisory areas:

• personal taxation
• trusts
• business planning
• pension funding
• pension income
• investment
• supervision in a regulated environment.
• financial planning practice (first exam sitting July 09)

The format of the individual units reflects the needs of today’s market for current, targeted technical learning. Modular in structure, with no compulsory units, the Diploma allows you to develop a learning programme that reflects your job role and career requirements.

Completion of the Diploma will enhance your technical knowledge, support regulatory compliance, help reduce risk and improve your career prospects. It provides an objective measurement of your knowledge and understanding and will enhance your clients’ confidence in your service.

Upon completion you will be awarded the Diploma in Financial Planning and be eligible to apply to use the designation DipPFS® (membership and Continuing Professional Development requirements apply).

You will also be able to use the credits obtained in achieving the Diploma towards the Advanced Diploma in Financial Planning, leading to a professional-level designation and Chartered Financial Planner® status.

Why the Diploma in Financial Planning?

The Diploma delivers many advantages:

• Demonstrates your commitment to learning and personal development, assisting with career progression
• Can form part of an overall programme to meet the regulator’s training and competence requirements.
• Supports lifelong learning as credits awarded in respect of relevant study already undertaken are retained throughout your working life and can count towards completion
• Supports personalised learning activity through the provision of clearly-defined, targeted topics appropriate to your job role.
• Differentiates you from other financial advisers, providing a competitive edge.
• Develops enhanced technical knowledge and sophisticated financial planning skills to support the provision of high quality advice.
• Upon completion you can apply to use the industry’s leading designation. In the case of the Diploma it is ‘DipPFS®’; with the Advanced Diploma it is 'APFS®'. These are respected throughout the industry and increasingly acknowledged by the public as demonstrating professional standing (CII membership and Continuing Professional Development requirements apply).

Ofqual is the new regulator of qualifications, exams and tests in England. They are also the regulators for recognised awarding bodies (such as the CII). The Diploma is accredited with Ofqual at Level 4 in the Qualifications and Credit Framework (QCF). For further information, please refer to the Ofqual website at www.ofqual.gov.uk

Funding may be available for candidates studying for qualifications listed in the National Qualifications Framework. For further details, please refer to the Learning and Skills Council website at www.lsc.gov.uk

Is the Diploma in Financial Planning right for me?

The Diploma is appropriate for:

• Anyone who gives financial advice to clients, including independent financial advisers, tied advisers, para-planners and related staff such as pension analysts, financial analysts, senior administrators, etc.
• Advisers seeking to develop in-depth technical understanding of specific disciplines and sectors, and enhance their financial planning expertise.
• FPC, Certificate in Financial Planning, CeFA, AFPC or comparable qualification holders wishing to build upon their existing knowledge.
• Accountants, lawyers, actuaries and other staff carrying out financial planning activities.
• Financial planning staff wishing to progress to the highest financial planning qualifications and designations (Associateship/APFS®, Fellowship/FPFS® and Chartered status).

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