Learning resource updates
This page details updates made to our learning resources. You should visit this page periodically to ensure you do not miss any updates. Updates can result from a change in exam syllabus, an amendment to the relevant CII study text directly affecting our resources, typographical errors or more complex issues.
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- AF Exam Updates 2023-24
- CF Exam Updates 2023-24
- ER Exam Updates 2023-24
- FA Exam Updates 2023-24
- IF Exam Updates 2024
- J0 Exam Updates 2023-24
- LP Exam Updates 2023-24
- R0 Exam Updates 2023-24
All resources for AF, CF, ER, FA, J0, LP, and R0 have been updated in accordance with the new syllabus examinable from 1 September 2023. If you purchased the 2022/23 versions, contact us to receive the updated versions free of charge*. Note that E-Mocks have been updated on our website, and the material found there now reflects the new examinable tax year.
*Note this does not apply to: IF exams whose examinable year ends on 31 Dec; the E-Mocks, which have their own subscription period; those resources which have been discontinued; or our R06 and AF5 analysis products.
All resources for IF1, IF2, IF3, IF4, and IF5 have been updated in accordance with the new syllabus examinable from 1 January 2024.
27 March 2024 Due to changes to the CII Study Text, Masterclass 2 – National Insurance will be amended, in due course, as follows:
“Employees, including directors, pay Class one NICs at the main primary rate of twelve per cent on earnings above the primary contribution threshold up to the upper earnings limit.”
will be amended to:
“Employees pay Class one NICs at the main primary rate of ten per cent on earnings above the primary contribution threshold up to the upper earnings limit (this was reduced from twelve per cent from the sixth of January 2024). As directors have an annual earnings period, a blended employee rate of eleven point five per cent will apply for the tax year 2023/24.”
and
“Firstly, the employer’s rate is thirteen point eight per cent rather than twelve per cent. This is generally charged on employee earnings in excess of the secondary contribution threshold.”
will be amended to:
“Firstly, the employer’s rate is thirteen point eight per cent. This is generally charged on employee earnings in excess of the secondary contribution threshold.”
29 February 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF1CalcWkbk010923v2
29 February 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: AF1CalcTaster
1 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF1Set1010923v2
1 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF1Set2010923v2
1 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF1Set3010923v2
1 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: AF1MockTaster
25 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF1RevisionNotes010923v2
25 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: AF1RevisionNotesTaster
18 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF1Wkbk010923v2
18 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: AF1WkbkTaster
28 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF4CalcWkbk010923v2
28 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: AF4CalcTaster
28 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF4Set1010923v2
28 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF4Set2010923v2
28 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF4Set3010923v2
28 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: AF4MockTaster
19 September 2023 Page 57, bullet point on statutory legacy has been amended to correct the effective date. It now reads: “From 26 July 2023, statutory legacy increases from £270,000 to £322,000; this plus chattels goes to spouse/civil partner”
New Version: AF5RevisionNotes010923v2
27 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: AF7CoreKnowledge010923v2
27 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: AF7CoreKnowledgeTaster
11 October 2023 Question 111 has been updated to correct the missing income multiple. The question now reads ‘Assuming a borrowing ceiling income multiple of 4 and using the lender’s criteria, what is the maximum mortgage loan that the lender would offer Paul?’
New Version: CF6Set2010923v2
12 December 2023 Due to a change in the CII Study Text, the stem of Question 47 has been updated so it now reads: ‘Miriam has died aged 73 with uncrystallised funds valued well below her available lifetime allowance. These can be used to provide a lump sum death benefit which can be paid free of Income Tax provided the funds are designated within’
New Version: FA2Set1010923v2
18 March 2024 A duplication error has been corrected. Please contact our customer service team to request your updated copy.
New Version: IF1Set1010923v2
18 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: J02Set1010923v2
18 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: J02Set2010923v2
18 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: J02Set3010923v2
18 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: J02MockTaster
28 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: J02RevisionNotes010923v2
28 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: J02RevisionNotesTaster
18 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: J02Wkbk010923v2
18 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: J02WkbkTaster
25 March 2024 Due to a change in the CII Study Text, the first bullet under ‘Class 1’ on page 76 has been amended to read:
• Employees pay 10% (12% from 6 April 2023 to 5 January 2024) on earnings between primary contribution threshold and upper earnings limit and 2% on earnings above this
Immediately following, an additional bullet has been inserted:
• A blended rate of 11.5% should be used for employees and directors if calculating Class 1 for 2023/24 on an annual basis.
New Version: J05RevisionNotes010923v3
26 February 2024 Section 7, p37 – The first sentence now reads ‘before 6 April 2009’.
New Version: J05RevisionNotes010923v2
8 November 2023 Question ID 061R01EMS2 – Option A now reads ‘over’ rather than ‘divided by’
21 March 2024 Question 14 has been reworded as follows:
Simon and Jess, a young couple with two children under the age of five, are reviewing their financial planning needs with their financial adviser Tom. Which priorities is Tom most likely to advise them to consider first?
A. Paying off all debts and putting any required protection plans in place.
B. Paying off expensive debts, protecting the family and putting an emergency fund in place.
C. Paying off credit cards and starting monthly savings into an ISA.
D. Putting an emergency fund and protection plans in place before paying off any debts.
New Version: R01Set1010923v2
20 December 2023 Question 79 correct answer rationale has been updated to add the sixth rule of delivering good outcomes for customers. It now reads: ‘There are six individual conduct rules: integrity; skill, care, and diligence; open and cooperative with the regulators; treat customers fairly; market conduct; and delivering good outcomes for customers. Those performing senior manager functions must abide by a further four rules. These relate to control, meeting regulatory requirements, delegation, and keeping the regulator informed.’
New Version: R01Set3010923v3
18 October 2023 Question 89, Option A has been changed to ‘Institue of Actuaries’, which is now a correct answer. The correct answer rationale has been updated to read ‘The Bank of England and local authorities are both exempt from FCA authorisation, as are various other government bodies. Designated Professional Bodies which include the Institute of Actuaries are also exempt, but Lloyd’s of London does not fall into these categories and is authorised (by both the FCA & PRA).’ The correct answer is now A, B, and C.
New Version: R01Set3010923v2
20 December 2023 Question 74 – changed answer options A and B to FTSE 250 and 350 respectively.
New Version: R02Set3010923v3
16 October 2023 Question 10 – The second sentence in the correct answer rationale has been amended to correct the calculation. It now reads: ‘If a company has earnings per share of 50p and the dividend per share was 23p, the dividend cover is 50p / 23p = 2.17.’
New Version: R02Set3010923v2
27 March 2024 Due to changes to the CII Study Text, Masterclass 2 – National Insurance will be amended, in due course, as follows:
“Employees, including directors, pay Class one NICs at the main primary rate of twelve per cent on earnings above the primary contribution threshold up to the upper earnings limit.”
will be amended to:
“Employees pay Class one NICs at the main primary rate of ten per cent on earnings above the primary contribution threshold up to the upper earnings limit (this was reduced from twelve per cent from the sixth of January 2024). As directors have an annual earnings period, a blended employee rate of eleven point five per cent will apply for the tax year 2023/24.”
and
“Firstly, the employer’s rate is thirteen point eight per cent rather than twelve per cent. This is generally charged on employee earnings in excess of the secondary contribution threshold.”
will be amended to:
“Firstly, the employer’s rate is thirteen point eight per cent. This is generally charged on employee earnings in excess of the secondary contribution threshold.”
28 February 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: R03CalcWkbk010923v2
28 February 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: R03CalcTaster
28 February 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: R03Set1010923v2
28 February 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: R03Set2010923v2
28 February 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: R03Set3010923v2
28 February 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: R03MockTaster
28 February 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: R03RevisionNotes010923v2
28 February 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: R03RevisionNotesTaster
4 March 2024 Question ID 013R04EMS1 – The wording in the question stem has been updated to read £10,000 salary increase (not 10%).
11 October 2023 Question 11 – answer changed from ‘B’ to ‘A’
New Version: R04Set2010923v2
30 November 2023 In Question 4, the tax year in the question stem has been changed to 2022/23 and a typo was edited in option C to read ‘of’ instead of ‘on’. In Question 10, option A and the correct answer rationale have been reworded. They now read ‘A. transfers on an individual basis to his current employer’s pension scheme’ and ‘David has a scheme-specific enhanced PCLS entitlement, which he would lose if he were to transfer out individually from his pension scheme, hence option A is correct. He would not lose the protection as a result of taking a PCLS and placing the balance into drawdown since all benefits would be classed as being taken at the same time, regardless of whether or not he took an immediate income. If his transfer was part of a bulk transfer or a transfer as a result of the scheme winding up, he would also not lose the protection; hence, answers C and D are also incorrect.’ In Question 14, the typo ‘£’ has been removed from option D.
New Version: R04Set3010923v2
25 March 2024 Due to a change in the CII Study Text, the first bullet under ‘Class 1’ on page 119 has been amended to read:
• Employees pay 10% (12% from 6 April 2023 to 5 January 2024) on earnings between primary contribution threshold and upper earnings limit and 2% on earnings above this
Immediately following, an additional bullet has been inserted:
• A blended rate of 11.5% should be used for employees and directors if calculating Class 1 for 2023/24 on an annual basis.
New Version: R04RevisionNotes010923v3
26 February 2024 Section 7, p42 – The first sentence now reads ‘before 6 April 2009’.
New Version: R04RevisionNotes010923v2
25 October 2023 Masterclass 8 – Long Term Care – Due to a change in the CII Study Text, in the section about The Care Act 2014 providing national guidance on what income and assets must be taken into account for means-testing and what must be ignored, the following statement:
‘Earnings, pension income, State benefits, trust income, investment income, investment bond withdrawals, and rental income must all be included.’
will be amended, in due course, to:
‘Most income, including pensions and the majority of State benefits is taken into account. However, some income is totally ignored. This includes earnings from employment and self-employment.’
8 November 2023 Correct answer rationale for Question ID 042R05EMS2 now reads ‘Most personal accident and sickness insurance policies pay benefits for a year or less, they are not used to cover longer term protection needs. They are aimed at people needing to cover one-off events.’
Correct answer rationale for Question ID 043R05EMS2 now reads ‘One downside is that a capitation plan usually involves a dental examination by the dentist beforehand to understand the work likely in the coming year.’
8 November 2023 Question 19 – Option B corrected to read ‘second death’. Tax year updated to 23/24 in correct answer rationale.
New Version: R05Set1010923v2
25 October 2023 Due to a change in the CII Study Text, Section 3 – State Benefits – The first bullet point on Page 12 has been amended to ‘Social security benefits are normally paid via the Department for Work and Pensions (DWP)’
Section 8 – Long Term Care – Income and Assets Taken into Account section on Page 50 now reads:
Income and Assets Taken into Account
- CRAG: Charging for Residential Accommodation Guide
- Provides guidance to local authorities for assessments
- Most income (including pensions and the majority of State benefits) is taken into account
- Some income is totally ignored, e.g., earnings from employment and self-employment, council tax reduction
- Some income is partially ignored, e.g., 50% of pension income can be repaid to a partner not in the same care home
- Surrender value of insurance bonds where there is life cover are disregarded
- Assets considered include:
- Shares
- Cash
- Property
- Business owned
- ISAs/OEICs/unit trusts/investment trusts
- Personal possessions are usually disregarded
- If over 55 and choosing not to draw income from defined contribution pension, notional income is assumed
- Value of home disregarded for the first 12 weeks of being in a care home
- Home also disregarded when partner, former partner, civil partner is living in the property, lone parent (estranged or divorced partner), relative/family member 60+, child under 18 or incapacitated living there
- The above must occupy the property as their only or main home for the disregard to apply
- Consider tenants in common and on 1st death pass equitable interest in house into trust to children to reduce value of asset
New Version: R05RevisionNotes010923v2
23 January 2024 Exam Sitting
19 January 2024 Section 7, Page 57 in the Recommendation and Justification table, the third bullet point in the ‘Justification’ column has been amended to delete this incorrect wording: ‘Maya will have less benefit on first death due to Sanjeev’s DIS and pension but she has a higher salary to compensate’.
New Version: R06CaseStudy230124v2
1 March 2024 Improvements have been made to this resource to further support your learning. Please contact our customer service team to request your updated copy.
New Version: R06CalcWkbk010923v2
1 March 2024 Improvements have been made to this resource to further support your learning. Click here to download an updated copy.
File Name: R06CalcTaster
19 September 2023 Page 51, bullet point on statutory legacy has been amended to correct the effective date. It now reads: “From 26 July 2023, statutory legacy increases from £270,000 to £322,000; this plus chattels goes to spouse/civil partner”
New Version: R06RevisionNotes010923v2