CII to pilot new financial planning test format

| 19 Jan 2023

The Chartered Insurance Institute (CII) is looking to change the way it assesses the R06 financial planning practice unit in an effort to make the tasks more flexible and realistic.

Instead of written exams, the pilot programme would see those working towards the R06 financial planning practice unit of the CII level 4 diploma in regulated financial planning assessed on coursework based on client case studies. 

It is being introduced following feedback from the CII’s ‘shaping the future together’ consultation. A review will be undertaken later in 2023 once the pilot is complete, at which point a decision will be made about whether to make the change permanent. 

Ms Gill White, Chief Customer Officer of the CII, said, “Our R06 unit currently uses on-screen written exams available four times per year. We are piloting a flexible, client-focused coursework assignment assessment, designed to fit in with contemporary working practice. This means learners with commitments that prevent attendance of exams on the fixed dates will not face a barrier to completion of the diploma in regulated financial planning.  

“The assessment?is designed to meet the same syllabus learning outcomes and assessment criteria as the current R06 exam and meets the level 4 qualification descriptors set out by education regulators. The assessment criteria include a requirement for analysis and justified recommendations, which are appropriate to assess in longer responses such as case-study-based assignments.

“We worked with practitioners within the profession, advisory groups and the PFS Board to discuss how these skills are demonstrated in a professional context to design the coursework assessment approach and tasks.” 

The format change comes at a difficult time for the CII and its relationship with the Personal Finance Society (PFS), with PFS President Caroline Stuart resigning in early January in the wake of the CII appointing three institute directors to its board the month before.

PFS members are assessing their options and looking to the Chartered Institute for Securities & Investment (CISI) and the London Institute of Banking & Finance (LIBF) as alternative professional bodies to join, reported International Adviser.