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CII Diploma in Regulated Financial Planning Exams

CII Diploma in Regulated Financial Planning Exams

The Chartered Insurance Institute (CII) Diploma in Regulated Financial Planning covers the six required subject areas as specified by the Financial Services Authority (FSA) and the Financial Services Skills Council (FSSC). This is a Qualifications and Credit Framework (QCF)-approved Level 4 qualification, meaning it satisfies the minimum standard requirements for financial advisers and planners. To achieve the CII Diploma, you need to successfully complete all six of the following units.  Note that some individuals may be exempt from some units depending upon previous qualifications.

  • R01 – Financial Services, Regulation and Ethics
  • R02 – Investment Principles and Risk
  • R03 – Personal Taxation
  • R04 – Pensions and Retirement Planning
  • R05 – Financial Protection
  • R06 – Financial Planning Practice

The first five units can be completed in any order, but R06 should ideally be left to the end, as this unit draws on skills gained in the previous five units.

The CII Diploma in Regulated Financial Planning allows candidates to work as a financial adviser or planner. This may involve providing investment advice, pension planning and life insurance. In general, there are three types of financial adviser: independent financial advisers (IFA), who can advise on the products of any company and are required by law to give clients the most suitable advice for their particular circumstances; tied advisers, who work exclusively for one organisation, such as a bank or building society; and multi-tied advisers, who are authorised to sell the products of several companies.

Upon passing the first unit—the R01 exam—examinees are permitted to give financial advice under supervision until they complete the full diploma. This qualification meets all FSA standards and can be taken alongside existing work and personal commitments. The modular style of learning means candidates learn at their own pace, and the multiple-choice exam format provides them with immediate provisional results. There are sixty test centres in city locations throughout the UK and the exams for R01-R05 are held on a daily basis through most workdays, making it easy to sit the exams at a convenient place and time. The final unit, R06, is involves written case study analysis rather than multiple choice questions.  There are specific paper-based exam sittings for R06 during the year.

Information in this article is correct as at July 2011

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