CII to overhaul R06 assessment as it pilots changes to qualifications

The CII has published a report today (July 21) setting out changes to learning and how it will ensure modern assessment methods are used going forward.

The proposals include pilot changes to the assessment method of the R06 financial planning practice qualification and wider changes to how qualifications are delivered with a digital format to be offered for international qualifications. 

An interactive tool, known as the ‘Professional Map’ has also been announced, allowing professionals and employers to self-assess knowledge and skills gaps and find ways to fill them. 

The CII said it will engage with practitioner advisory groups to design qualification structures for the future evolution of the interactive tool.

The report follows feedback received from members and other stakeholders during the CII's ‘Shaping the future together’ consultation, where 1,149 insurance and personal finance professionals shared their views on how the professional body can best meet their needs and raise public trust in financial planning. 

CII chair, Helen Phillips said that the professional body has listened, learned and acted to deliver what its members’ recommended. 

“Professionals are proud to achieve Chartered Insurance Institute qualifications and we have listened to feedback that we should not dilute the value our assessments have in highlighting a high level of technical ability.

“We will ensure we pilot changes to our qualifications and only introduce modern assessment methods and behavioural content following consultation with relevant stakeholders,” she said. 

Personal Finance Society

The report also highlighted the CII will build on and implement the business plan for the Personal Finance Society while also appointing a new leader. 

PFS president, Sarah Lord said the development of the professional qualification framework was a core strategic focus of the PFS. 

“It is clear our members want a continued focus on championing how the profession truly delivers holistic advice by putting clients, not products, at the heart of what we do.

“They also want to achieve greater appreciation from policymakers and other key stakeholders in the power of financial planning, recognising the role we play in building public confidence,” she said. 

Lord added that the PFS board is focused on enabling all members to enhance their skills, improve their services, continuously raise the bar of professionalism and will be working with the CII to achieve this.

The report also revealed plans for the CII to provide more information about how issues regarding member and firm misconduct can be resolved, communicate to consumers the value of choosing a chartered form, and share examples of good practice with the regulator and policymakers with the aim of shaping future regulation and guidance for the profession.

Additionally, the professional body said it will engage with volunteer-led local institutes, membership societies and regional committees to share examples of good practice in the profession. 

Jonathan Clark, who will step down as interim CEO of the CII next month when Alan Vallance joins the professional body, said the body’s future success will be down to “the way we come together – as we have done in the past - to understand and meet the needs of insurance and financial planning professionals for strong value propositions that enable their development.” 

jane.matthews@ft.com