CF1 Exam: UK Financial Services, Regulations, and Ethics
The CII (Chartered Insurance Institute) financial services qualifications provide a framework in line with the requirements of the Financial Services Authority (FSA) for those working in the financial services profession. The CF1 exam can be used towards the Award in Financial Administration, Certificate in Life and Pensions, Certificate in Equity Release, Certificate in Mortgage Advice and the Certificate in Financial Planning. The objective of the CF1 exam, which covers UK financial services, regulation and ethics, is todevelop an understanding of the financial services industry.
Areas covered in this unit include the purpose and structure of the UK financial services industry; the different financial asset classes and product types; the process of giving advice; and all ethical issues, regulations and legislation involved in UK financial services. It is important for candidates to be aware of the regulatory powers and responsibilities of the FSA, which are in place to maintain the professional integrity of the financial services market.
The CF1 exam has a recommended study time of 60-70 study hours, and consists of 100 multiple choice questions. The exam itself lasts for 2 hours and has a nominal pass mark of 70%. Upon successful completion of this exam, candidates receive credits towards their chosen Certificate.
The CF1 is an online exam that can be taken at any of the numerous test centres in city locations across the UK, including London, Leeds, Manchester, Birmingham, Glasgow and Edinburgh. The exam takes place throughout the year, which allows candidates to pick a date and location to suit their circumstances.
Brand Financial Training can help candidates pass the CF1 exam with a range of study materials. The Mock Exam Papers consist of three complete sets of 100 questions. Also available is the Calculation Workbook, which deals with the calculations that make up part of the exam. Step-by-step answers are provided to over 50 pages of calculation questions. The Brand Financial Training Study Notes are another useful training aid. These are a more focussed take on the CII study text and focus on what the candidate needs to know to pass the CF1 exam.
Information in this article is correct as at September 2011