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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.

Filter updates:

All Financial Services Exams

All resources for AF, CF, ER, FA, J0, LP and R0 have been updated in accordance with the new syllabus examinable from 1 September 2019.  If you purchased the 2018/19 versions, contact us to receive the updated versions free of charge. Note that e-learning modules have been updated on our website, and the material found there now reflects the new examinable tax year.

All Insurance Exams

All resources for IF1, IF2, IF3, IF4 and IF5 have been updated in accordance with the new syllabus examinable from 1 January 2020. If you purchased the 2019 versions, contact us to receive the updated versions free of charge.

AF1 Calculation Workbook

23 September 2019 Page 66, in the answer to Question 3, Step 1 to work out Mrs Tait’s total income tax liability has a typo in the line: £35,000 @ 20%. It equals 7,000, not 7,500. The liability is 16,400, not 16,900. In Question 9 (pages 17 and 73), it should say: “In tax year 2019/2020, his income is £55,000.”

New Version: AF1CalcWkbk010919v2

AF2 Calculation Workbook

4 October 2019Pages 15 and 54, Question 13 – the company’s corporation tax liability has been changed to £2.2 million. In the answer on Page 54, the instalment amount has been changed to £550,000 for each of the four instalments.

New Version: AF2CalcWkbk010919v2

AF4 Calculation Workbook

3 October 2019 Page 62, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: AF4CalcWkbk010919v2

AF7 Calculation Workbook

3 October 2019 Page 10 and 37, Question 6 – amended to remove the sentence “This is his only source of income.”

New Version: AF7CalcWkbk010919v2

CF1 Mock Paper Taster

9 December 2019 Question 17 has been amended to “Under the Senior Managers and Certification Regime, under whose remit does it fall to confirm that a certified individual is fit and proper to undertake their role? A. The firm’s; B. The individual’s, under self-certification; C.The Financial Conduct Authority’s; D. The Chartered Insurance Institute’s”. The answer remains A. The reference is now Chapter 9, Section B1.

Filename: CF1MockTaster

CF1 Study Notes

9 December 2019 Study notes have been updated to reflect Senior Managers and Certification Regime rules effective 9 December 2019. Pages affected are: 72, 73, 75, 76, 79, 81, 82 and 84. Please contact Enquiries to request your updated copy.

New Version: CF1StudyNotes010919v2
CF6 Mock Paper Set 1

10 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: CF6Set1010919v2

CF6 Mock Paper Set 2

10 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: CF6Set1010919v2

CF6 Mock Paper Set 3

10 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: CF6Set3010919v2

CF6 Mock Paper Taster

10 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. You can download an updated copy here.

Filename: CF6MockTaster

CF8 Mock Paper Set 1

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: CF8Set1010919v3

17 December 2019 Due to a change in the CII Study Text, Question 14 has been amended to: “With regard to additional contributions where an individual selects a more expensive care home than the local authority would normally provide based on their assessed needs, which of the following statements is TRUE? A. Someone else can pay the difference between the care home fees and the local authority contribution; B. Payments from individually owned Long Term Care Insurance plans can be regarded as a top-up; C. Disregarded assets of the individual concerned may not be used as a top-up; D. Individuals can use the personal expenses allowance to buy more expensive care” The answer is still A with reference: Chapter 4, Section D2B.

New Version: CF8Set1010919v2

CF8 Mock Paper Set 2

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: CF8Set2010919v3

9 December 2019 Question 7 – The answer grid has been updated to show ‘A’ as the correct answer.

New Version: CF8Set2010919v2

CF8 Mock Paper Set 3

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: CF8Set3010919v3

17 December 2019 Due to a change in the CII Study Text, options B and C of Question 43 have been amended to: “B. Under section 117, additional payments are prohibited for ‘after care’ services; C. Top-ups are permitted for individuals with deferred payment agreements.” The answer is still C with a reference of Chapter 3; however, the section reference has changed to D2A.

New Version: CF8Set3010919v2

CF8 Mock Paper Taster

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. You can download an updated copy here.

Filename: CF8MockTaster

J03 Calculation Workbook

4 October 2019Pages 14 and 50, Question 13 – the company’s corporation tax liability has been changed to £2.2 million. In the answer on Page 50, the instalment amount has been changed to £550,000 for each of the four instalments.

New Version: J03CalcWkbk010919v2

J05 Calculation Workbook

18 December 2019 Page 36 – the answer to Question 1 has been amended to £32.25

New Version: J05CalcWkbk010919v3

3 October 2019 Page 12 and 34, Question 4 – amended to remove the sentence “This is his only source of income.”

New Version: J05CalcWkbk010919v2

J05 Calculation Workbook Taster

18 December 2019 State Schemes – the answer to Question 1 has been amended to £32.25

Filename: J05CalcTaster

J10 Calculation Workbook

3 October 2019 Page 55, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: J10CalcWkbk010919v2

J12 Calculation Workbook

3 October 2019 Page 45, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: J12CalcWkbk010919v2

LP2 Mock Paper Set 1

25 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: LP2Set1010919v2

LP2 Mock Paper Set 2

25 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: LP2Set2010919v2

LP2 Mock Paper Set 3

25 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: LP2Set3010919v2

LP2 Mock Paper Taster

25 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. You can download an updated copy here.

Filename: LP2MockTaster

R01 Mock Paper Set 1

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R01Set1010919v3

6 December 2019 Question 43 has been changed to: “Within a financial services firm, to whom do the Conduct rules (COCON) apply? A. Senior managers and certificated individuals only; B. Senior managers only; C. Certificated individuals only; D. Nearly all staff, apart from ancillary staff.” The answer is now: D, Ref: Chapter 6, Section B1. Correct Answer Rationale is: “COCON are high-level rules that apply to nearly all staff. Firms must ensure that staff who are subject to the rules are aware of them and how they apply to their jobs.”

Question 80 stem has been amended to: “Deliberately not paying due regard to the interests of a customer is failing to comply with which Statement of Principle?” Correct Answer Rationale has been amended to: “Under FCA guidelines, if an individual or firm were not paying due regard to the interests of a customer, this would not comply with the Statement of Principle 1 ‘Integrity’. Note: Principle 3 ‘Market conduct’ relates to market abuse regulations and codes. Principle 4 ‘Open and cooperative’ relates to the way the firm or individual co-operates with the regulator and Principle 5 ‘Organisation and control’ relates to ensuring a business is organised and responsibilities are apportioned clearly, correctly and suitably.”

New Version: R01Set1010919v2

R01 Mock Paper Set 2

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R01Set2010919v3

6 December 2019 Question 70 has been amended to “Which of the following statements regarding the Senior Managers and Certification Regime is correct? A. All certified individuals must have a ‘Statement of Responsibilities’; B. All certified individuals must be pre-approved by the regulator; C. Senior managers have a ‘statutory duty of responsibility’; D. The Conduct Rules apply to senior managers only” The answer is now C. Ref: Chapter 6, Section B1. The correct answer rationale is now: “Only senior managers have a ‘Statement of Responsibilities’ and must be pre-approved by the regulator before carrying out their roles. The Conduct Rules apply directly to nearly all staff. The correct statement is that senior managers have a ‘statutory duty of responsibility’.”

Question 80 has been amended to “Under the Senior Managers and Certification Regime, under whose remit does it fall to confirm that a certified individual is fit and proper to undertake their role? A. The firm’s; B. The individual’s, under self-certification; C. The Financial Conduct Authority’s; D. The Chartered Insurance Institute’s” The answer is now A. Ref: Chapter 6, Section B1. The correct answer rationale is now: “Under SM&CR, the FCA no longer approves individuals. It has become the remit of the firm to confirm that the individual is fit and proper to undertake their role.”

New Version: R01Set2010919v2

R01 Mock Paper Set 3

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R01Set3010919v3

6 December 2019 Question 63 has been amended to “Under the Senior Managers and Certification Regime, each of the following is an example of an executive function, with the exception of: A. Chief executive; B. Head of internal audit; C. Head of key business area; D. Chair of audit committee” Answer and reference remains unchanged. Correct answer rationale has been amended to: “Under SM&CR, senior management functions (SMFs) are divided into executive functions and oversight functions. Executive functions include chief executive, chief finance, chief risk, head of internal audit, head of key business area, group entity manager and credit union SMF. In contrast, oversight functions include chairman, chair of risk committee, chair of audit committee, chair of remuneration committee, senior independent director and head of overseas branch.”

Question 79 has been amended to “How many additional conduct rules apply to an individual holding a senior management function, compared to someone only subject to the individual conduct rules? A. An additional four rules; B. Same number of rules apply to both; C. An additional three rules;
D. One extra additional rule; “The answer is A. Ref: Chapter 9, Section C5. The correct answer rationale is now: “There are five individual conduct rules: integrity, skill, care and diligence, open and cooperative with the regulators, treat customers fairly and market conduct. 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.”

Question 80 has been amended to “Under the Conduct Rules (COCON), what must a firm do once they have taken formal disciplinary action against a person for breaching a conduct rule? A. Inform the Financial Conduct Authority; B. Commence civil or criminal proceedings as appropriate; C. Suspend the individual for 24 months; D. Confirm the regulatory fine as per the FCA’s rules” The answer remains A. Ref: Chapter 9, Section C5. The correct answer rationale is now: “Firms must notify the FCA when they have taken formal disciplinary action against a person for breaching a conduct rule.”

New Version: R01Set3010919v2

R01 Mock Paper Taster

27 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. You can download an updated copy here.

Filename: R01MockTaster

6 December 2019 Question 11 has been changed to: Which of these is an example of an ‘executive function’ under the Senior Managers and Certification Regime senior management functions? A. Chairman; B. Chair or risk committee; C. Chief finance; D. Senior independent director.
The answer is still C.
The correct answer rationale is: There are two main types of senior management functions (SMFs) under SM&CR: executive functions and oversight functions. Of the options listed in our question, only the chief finance is an example of an executive function. The other options are examples of oversight functions.

Filename: R01MockTaster

R01 Study Notes

6 December 2019 Study notes have been updated to reflect Senior Managers and Certification Regime rules effective 9 December 2019. Pages affected are: 62, 63, 66, 68, 70 – 73, 79, 122 and 124. Please contact Enquiries to request your updated copy.

New Version: R01StudyNotes010919v2
R01 E-Learning Workbook

24 January 2020 E-learning Workbook updated to reflect SM&CR now current. P30, P34 – 36, P42-43, P53 delete, P55-56.

Filename: R01E-LearningWorkbook
R01 E-Learning Modules

24 January 2020 Modules 4, 5 and 7 have been updated to reflect SM&CR is now current.

R01 Audio Masterclasses

30 January 2020 Masterclasses 2, 3, 4, 5 and 7 have been amended to reflect that the SM&CR replaced the Approved Persons Regime from 9 December 2019. Please contact Enquiries to request your updated MP3 files.

5 September 2019 Masterclass 2 – Legal Concepts and Considerations: in the section regarding Powers of Attorney, there has been an amendment, “An Attorney must be 18 and not bankrupt and an LPA can be revoked on the death or incapacity of the attorney, or on their bankruptcy (but not the welfare LPA).”

R02 Mock Paper Set 1

3 October 2019 Page 29, Question 35 Correct Answer Rationale – PV figure has been changed to £7,462.15

New Version: R02Set1010919v2

R02 Calculation Workbook

3 October 2019 Page 36, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: R02CalcWkbk010919v2

R03 Mock Paper Set 1

26 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R03Set1010919v2

R03 Mock Paper Set 2

26 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R03Set2010919v2

R03 Mock Paper Set 3

26 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R03Set3010919v2

R03 Mock Paper Taster

19 February 2020 Improvements have been made to this resource to include references to our own R03 Study Text. You can download an updated copy here.

Filename: R03MockTaster

R03 Calculation Workbook

26 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R03CalcWkbk010919v3

23 September 2019 Page 66, in the answer to Question 3, Step 1 to work out Mrs Tait’s total income tax liability has a typo in the line: £35,000 @ 20%. It equals 7,000, not 7,500. The liability is 16,400, not 16,900. In Question 9 (pages 17 and 73), it should say: “In tax year 2019/2020, his income is £55,000.”

New Version: R03CalcWkbk010919v2

R03 Calculation Workbook Taster

26 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. You can download an updated copy here.

Filename: R03CalcTaster

R03 Revision Notes

3 March 2020 Section 6 has been renamed to “Tax Compliance”; Section 8 has been renamed to “Corporation Tax and VAT”; Page 57, Trading Losses, the second bullet has been amended to: “Excess losses can be carried back to profits of preceding 12 months”

New Version: R03StudyNotes010919v4

26 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R03StudyNotes010919v3

R03 Revision Notes Taster

3 March 2020 In the Table of Contents, Section 6 has been renamed to “UK Tax Compliance”; Section 8 has been renamed to “Corporation Tax and VAT”.

Filename: R03StudyNotesTaster

26 February 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. You can download an updated copy here.

Filename: R03StudyNotesTaster

R03 Study Text

3 December 2019 Page 12 – Check It Again 1 – This has been moved to appear after 1.2.1.9. We recommend readers attempt this Check It Again exercise after reading 1.2.1.9

Page 22 – How It Works – Taxation in the First Two Years Where Year 2 is Not a Full Year – replace 2 instances of “6 months” with “5 months” and 2 instances of “£33,333.33” with “£27,777.78”:

2018/19 – Year 1:

Profits were earned for 5 months out of a possible 9 in the tax year 2018/19, i.e. between 1 Nov 2018 and 5th April 2019.

The tax charge is therefore based on profits of £50,000 x 5/9 = £27,777.78.

2020/21 – Year 3:

£60,000 will be subject to tax for the 2020/21 tax year.

We therefore have double taxation in years 2 (£27,777.78 taxed in years 1 and 2) and 3 (£15,000 taxed in years 2 and 3) which will be resolved by overlap relief in the final year of trading or if her accounting period changes.”

Page 161 – In the table regarding agricultural relief, in the entry for Lifetime gifts, the word ‘business’ should be replaced with ‘agricultural’:

“If an asset is given away, and death occurs within 7 years, agricultural relief is still available if the recipient still owns the asset and the asset still qualifies as agricultural property (or has been replaced with other qualifying assets). Otherwise, chargeable as a failed PET.”

Page 265 – Step 4 of the diagram has been changed to “Calculate the tax due on the annual equivalent, deduct 20% basic rate tax and multiply the result by N to find the relieved liability.”

Relevant to: 19/20 R03 Study Text – First Edition Only

25 November 2019

Page 154, in the diagram entitled ‘Matthew’s Previous Gifts’, the CLT2 amount has been amended to £394,000.

Page 156, in the diagram entitled ‘Matthew’s Previous Gifts on Death’, the CLT2 amount has been amended to £394,000.

Page 268, in the table comparing onshore and offshore bonds, the first point for onshore bonds should read “Higher and additional rate taxpayers only pay an additional 20 or 25% of the net gain (there is no grossing up like there would be for, say, a purchased life annuity).”

These changes will be updated in our study text in due course.

Relevant to: 19/20 R03 Study Text – First Edition Only

R04 Mock Paper Set 1

5 November 2019 Question 40 – addition to rationale: The legislation does allow existing capped drawdown arrangements to be transferred to a new contract – this is to allow those members who would no longer be able to designate funds to their existing plan.

New Version: R04Set1010919v2

R04 Calculation Workbook

18 December 2019 Page 86 – the answer to Question 1 has been amended to £32.25.

New Version: R04CalcWkbk010919v3

3 October 2019 Page 32 – Note added to the answer to question 6: “The important point is that the initial entitlement to tax relief is not related to the annual allowance. This will be considered later to see whether he can keep all of the tax relief. The employer contribution will count towards James’ annual allowance”.

New Version: R04CalcWkbk010919v2

R04 Calculation Workbook Taster

18 December 2019 State Schemes – the answer to Question 1 has been amended to £32.25

Filename: R04CalcTaster

R05 Mock Paper Set 1

16 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R05Set1010919v2

R05 Mock Paper Set 2

16 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R05Set2010919v2

R05 Mock Paper Set 3

16 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. Please contact Enquiries to request your updated copy.

New Version: R05Set3010919v2

R05 Mock Paper Taster

16 March 2020 Improvements have been made to this resource to more accurately reflect the CII’s Learning Outcomes. You can download an updated copy here.

Filename: R05MockTaster

R06 Calculation Workbook

3 October 2019 Page 92, Note added to the answer to question 6: “The important point is that the initial entitlement to tax relief is not related to the annual allowance. This will be considered later to see whether he can keep all of the tax relief. The employer contribution will count towards James’ annual allowance”.

New Version: R06CalcWkbk010919v2