View more on these topics

CII responds to exam review consultation

The CII has published its response to the Financial Services Skills Council consultation paper on appropriate exams for mortgages, investment advice and long-term care insurance.

In February the CII published its proposed financial planning qualifications framework and has carried out its own consultation with practitioners and firms.

CII director-general Sandy Scott says: “Our consultation programme has reinforced that these are challenging times for the long-term savings and investment industry. Firms are in business to serve their clients ensuring that they have adequate plans for their short and long-term financial needs and that they have adequate insurance and protection. They are not in business to worry about exams. But we have uncovered significant confusion,misunderstanding and a lack of guidance on what to do now.

Scott says firms should continue with the FPC. He says: “It remains the exam of choice for investment advisers and as far as I am concerned is the only recognised qualification at that level. To support firms I am committed to continuing to provide the FPC until at least mid-2005.”

However, the CII will continue to provide routes to higher standards for advisers through SOFA and the AFPC series of modules and by adding a degree for those who have achieved ASFA/FSFA. The CII will also be developing stand alone modules for management and skills development to support professional advisers.

The CII&#39s new qualifications framework and learning materials will be introduced in October 2004 and the first exams will run in January 2005. The CII&#39s new modules on long-term care insurance and lifetime mortgages will be introduced when the FSA and Skills Council confirm the syllabus requirements. The CII&#39s view is that existing holders of G80 should be grandfathered into the new framework.

The CII will also be adding mini modules on term assurance, critical illness, PHI, general insurance and other areas to assist firms in demonstrating competence in these areas.


Scottish Life restructures business

Scottish Life Mortgages, which is part of Royal London Group, has completed a restructuring of the business designed to position it as a leading player in the mortgage packaging market. The restructuring, which involved SLM moving from Leeds to RLG&#39s operating centre in Wilmslow, Cheshire in November last year, was part of a groupwide initiative […]

Lender accused of elitism

A broker has accused Newcastle of elitism over its refusal to offer its products to all brokers. Chelsea Mortgage Management says it recently contacted the building society with a view to doing business to it but was told that it only introduced to selected brokers, including Savills and Charcol. Simon Bucknell, business development manager at […]

Is the £70m deal a sign of things to come?

The revelation last week that a London property had been sold for a record- breaking £70m illustrated the buoyancy of the housing market once again. While the sale of the Kensington Palace Gardens home to steel magnate Lakshmi Mittal may be in a different league to virtually all other UK property deals it does at […]

Platinum plated insurance legislation is not needed

An open letter to Gordon Brown, Chancellor of the Exchequer, from Nicholas Brooke, president of the Royal Institution of Chartered Surveyors I am writing to express my deep concern at the likely impact of the UK&#39s approach to implementing one aspect of the Insurance Mediation Directive. As president of RICS, a leading authority on matters […]


News and expert analysis straight to your inbox

Sign up