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The Investment and Financial Advice Qualification (IFA Qualification)
Click here for the IFA Qualification Flyer
Introduction to the Investment and Financial Advice Qualification
As a result of the FSA’s and the Financial Services Skills Council’s [FSSC] retail examination review, the Institute is pleased to announce its new Investment and Financial Advice Qualification [IFA Qualification], which will replace the Investment Advice Certificate. The IFA Qualification will be of value to:
- Individuals aspiring to become Independent Financial Advisers (IFAs)
- Accountants and solicitors engaged in giving financial advice
- Client Relationship Managers working, for example, with high net worth clients in a private bank
- Financial Advisers involved with the new range of stakeholder or “Sandler” products
- Bancassurers
- Para planners.
In short, the qualification will be of value to all financial advisers engaged in advising the public on how to achieve their financial objectives using packaged products – life policies, units in regulated collective investment schemes, investment trust savings schemes, stakeholder pension schemes.
Regulatory Recognition
The IFA Qualification has been accredited by the Qualifications and Curriculum Authority [QCA - the government’s education regulator] and endorsed by the FSSC as an Appropriate Examination for the activity of ‘advising on investments which are packaged products’.
The Securities & Investment Institute has been approved as an Awarding Body by the QCA and as such both individuals and firms may be assured that the Securities & Investment Institute’s processes, policies and systems meet rigorous quality assurance standards.
The IFA Qualification will appear on QCA’s National Qualifications Framework under its official title of the Securities & Investment Institute Level 3 Certificate in Investment and Financial Advice with the FSSC listing the qualification as an Appropriate Examination for the activity of “advising on investments which are packaged products” under the shorter name of the Certificate in Investment and Financial Advice.
“We believe that the successful completion of the Investment and Financial Advice qualification is a key yardstick by which practitioners can demonstrate their commitment to maintaining and enhancing knowledge, skills and experience.”
Geoff Procter, Director Education, Sales and Training, Association of Investment Trust Companies
The Qualification
The IFA Qualification comprises four multiple choice question examination papers:
Paper 1 - UK Financial Services, Regulation and Ethics
Paper 2 - Investment and Risk
Paper 3 - Retirement Planning and Protection
Paper 4 - Investment and Financial Advice.
Aims of the Examination
The overall aims are:
- To assess candidates’ understanding of the process of giving financial advice, their understanding of the ethical and practical considerations involved, and of the regulation and practices related to the advisory function.
- To assess candidates’ knowledge and understanding of a broad range of investments, savings and protection products, their nature and characteristics.
- To assess candidates’ ability to apply their knowledge and understanding to practical financial issues.
- To equip successful candidates with an Appropriate Examination for the activity of advising on investments which are packaged products.
Benefits for Employers
The IFA Qualification:
- will satisfy FSA’s requirements for the activity of advising on packaged products,
- is structured so staff can complete it quickly,
- will meet the needs of the industry and help underpin firms’ long term business aims to retain satisfied customers,
- offers a pathway to professional status and additional FSA recognition through complementary examination programmes, Securities & Investment Institute membership and CPD,
- will be supported by attractive and easily absorbed study materials and a newsletter keeping staff up-to-date with industry issues.
Benefits of the Qualification
- The IFA Qualification is a practitioner led programme, designed to equip individuals with the knowledge and understanding to enable them to advise on investments which are packaged products.
- The Securities & Investment Institute has been recognised as an Awarding Body by the Qualifications and Curriculum Authority so firms and candidates can be assured that the IFA Qualification meets rigorous quality standards
- The IFA Qualification has the support of major trade bodies.
- Firms and candidates have the assurance that the syllabus and examinations are developed in conjunction with senior industry practitioners drawn from the major investment sectors.
- Study materials will be provided by BPP, which is well known in the financial services industry for high quality courses and texts.
- Firms can be reassured that candidates understand the financial advice process and their competence has been assessed through practical case studies testing realistic client scenarios and current market rates which prepare them for their day-to-day work as an adviser.
- Staff are kept up-to-date with market changes through a newsletter - Industry Briefing.
- The syllabus and examinations for the IFA Qualification are tailored to reflect current market issues.
- The qualification comprises all multiple choice question based papers which will ensure a fast turnaround of results
- The Securities & Investment Institute is committed to providing a high quality service to firms and candidates and publishes reports on how candidates can improve their performance in the examinations; it also surveys candidates’ opinions of the service provided on a regular basis.
“The calibre of practitioners involved with the development and running of the Investment and Financial Advice Qualification is exceptional and they will ensure that the qualification is highly regarded by the firms which use it. Firms will find that the qualification adds value to their business, ensures staff are competent and will benefit the ultimate consumer - the public.”
Clive Shelton, Compliance and Risk Director, IFDS
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