A New Solution for RDR
About the Retail Distribution Review
The FSA's Retail Distribution Review (RDR) aims to raise industry standards by increasing the minimum level of qualification for financial advisers from level 3 to level 4 overall. All current financial advisers who do not meet the overall requirement will need to qualify by the end of 2012.
In order to help Independent Financial Advisers in bridging this gap, Calibrand has developed the Diploma in Professional Financial Advice.
About our Diploma
The Scottish Qualification Authority (SQA) and Calibrand are delivering the Diploma in Professional Financial Advice to meet the requirements of the FSA's Retail Distribution Review. The qualification is purpose built to fulfil the requirements set out by the Financial Services Authority (FSA) and the Financial Services Skills Council (FSSC). It will be awarded by the SQA and submitted to Ofqual on the shared part of Qualifications and Credit Framework (QCF).
The Diploma in Professional Financial Advice is listed on the FSA's Consultation Paper of Retail Distribution Review (PDF) adviser qualifications and recognised as a full qualification.
The qualification is divided up into six individual units:
- Unit 1 - Financial Services, Regulation and Ethics
- Unit 2 - Personal Taxation
- Unit 3 - Investment Principles and Risk
- Unit 4 - Pensions and Retirement Planning
- Unit 5 - Financial Protection
- Unit 6 - Application of Professional Financial Advice
For the Diploma in Professional Financial Advice, all 6 Units are required. Units from other Awarding Bodies, that cover 100% of the learning outcomes and can be combined with the Diploma in Professional Financial Advice Units to meet a minimum of 37 QCF Credits or 370 guided learning hours, will be accepted towards the diploma.
Study Duration and Materials
It is recommended that a minimum of 390 learning hours are carried out for the full diploma. To support this Calibrand uniquely offers individual study workbooks and practice tests free of charge.
To gain access to our workbooks and practice tests, please register for RDR.
Exam Readiness Process
This process is designed to help you prepare for your examination. If you complete our mock examination and pass with at least 70% you will receive one free re-sit should you fail your actual examination.
Examinations
All units of the diploma are delivered electronically through our powerful e-assessment solution Calibrand Test. Units 1 to 5 are multiple choice based examinations and unit 6 is an essay style examination.
The exam readiness process is only available on units 1 to 5. However, as stated above, each candidate must reach a minimum of 70% in their mock examination in order to qualify.
Unit 6 is delivered electronically through an essay style examination and assessed electronically via Calibrand Marker. Calibrand recommends 100 learning hours for this unit alone.
Examination Locations
Our qualification can be delivered at your work place using our HI-STAK® solution, or at a test centre of your choosing. Our test centre network boasts an expansive coverage of the UK, at the heart of which is Calibrand’s dedicated testing centre for the Diploma in Professional Financial Advice located in Derby, Derbyshire. These examinations are conducted on fixed dates throughout each month, with our Derby test centre being open five days a week from 09:00 to 17:00. Please contact us to book a date for your examinations.
Entry Requirements
- You do not need any formal qualifications in order to qualify for the diploma.
- All six units are currently only offered in the English language. A suitable level of knowledge and understanding is required for the exams and is assumed from each candidate.
Summary Information
| Unit title | Examination | Study (Guided Learning) |
Unit Challenge |
|---|---|---|---|
| Unit 1 - Financial Services, Regulation and Ethics | 80 Questions 90 minutes Multiple Choice |
60 Hours 6 QCF Credits |
Level 4 65% pass mark |
| Unit 2 - Personal Taxation | 80 Questions 105 Minutes Multiple Choice |
60 Hours 6 QCF Credits |
Level 4 65% pass mark |
| Unit 3 - Investment Principles and Risk | 80 Questions 90 Minutes Multiple Choice |
60 Hours 6 QCF Credits |
Level 4 65% pass mark |
| Unit 4 - Pensions and Retirement Planning | 80 Questions 90 Minutes Multiple Choice |
60 Hours 6 QCF Credits |
Level 4 65% pass mark |
| Unit 5 - Financial Protection | 50 Questions 1 Hour Multiple Choice |
50 Hours 5 QCF Credits |
Level 4 65% pass mark |
| Unit 6 - Application of Professional Financial Advice | Electronic case study short answer 3 hours |
100 Hours 10 QCF Credits |
Level 4 60% pass mark |
| Diploma | All units as above 10 hrs 15 minutes |
390 Hours 39 QCF Credits |
Level 4 |
All examinations are available to be taken on-demand. Study material consists of on-line workbooks, suggested further reading lists, and on-line electronic examinations through Calibrand Test.
If you have any questions regarding our qualification and would like to speak to an adviser then please contact us.
