IFA qualifications on the unbiased.co.uk ‘Find an IFA’ search explained
Hardly surprising is it, that the role of Independent Financial Advisers (IFAs), has become increasingly important in recent years. As the number of investment, mortgage, pension, protection and insurance products multiplies and financial decision-making becomes increasingly complicated, more and more of us are turning to an expert who can guide us through the maze.
Finding a local adviser is relatively easy. Unbiased.co.uk, the organisation which promotes the benefits of truly independent financial advice, holds the details of around 9,000 IFA firms throughout the UK on its database. Consumers and businesses looking for a local IFA can also easily find an IFA that holds incremental qualifications in either ‘generic’ financial advice or qualifications specific to the area of advice they require – such as pensions, savings and investments, mortgages, equity release, long term care, tax and corporate.
IFAs can pass examinations relating to a wide variety of topics. To help you better understand which qualifications your adviser holds, we have assessed all of them and created a list which helps you to compare them.
How the qualifications were assessed
This project to assess around 50 qualifications available through the unbiased.co.uk website was managed by the Financial Services Skills Council (FSSC) - www.fssc.org.uk
All qualifications / designations were assigned a level based on an analysis which was completed by UK NARIC, a national DfES agency which provides guidance on levels of international qualifications (academic, vocational and professional). UK NARIC used a well established benchmarking process (the establishment of standards and levels) that it applies to all qualifications. This involves the analysis of a number of factors including:
- Entry requirements
- Content
- Learning outcomes (ie what the candidate will be expected to achieve upon completion of the course)
- Occupational outcomes
- Professional status
- Qualification progression
Below is a full list of qualifications and designations assessed as part of this process and available to select through the ‘Find an IFA’ search. Level A qualifications are equivalent to A level standard. Level B qualifications are set at a standard equivalent to components of an undergraduate degree.
Level A
Level A is the minimum level of qualification required to become a Financial Adviser, such as the CII’s FPC and CFP, the IFS CeFA or the CIOBS CIP qualification. Financial Advisers with Level A qualifications have a broad-based understanding of the financial services industry. Advisers qualified at this level are able to use their knowledge and skills to advise consumers on a range of financial products, including pensions, investments and protection (life and health). Level A qualifications provide eligibility for membership with a professional body. All members must follow a code of conduct specific to the professional body. Level A qualifications are equivalent to A level standard.
Level B
Financial Advisers with Level B qualifications demonstrate a high level of expertise and have a more specialised knowledge of financial products. They are able to provide detailed analysis of financial information and can devise solutions to complex financial problems. Advisers with a Level B qualification may be eligible for a higher level of membership of a professional body. Professional bodies require all members to sign up to a code of conduct. Level B qualifications are set at a standard equivalent to components of an undergraduate degree.
(Note: All "Mortgage" and "Equity Release" qualifications have been assessed as Level A, all "General", "Corporate" and "Tax" Qualifications have been assessed as Level B. Chartered Institute of Bankers in Scotland (CIOBS) qualifications are subject to a separate grading with the Scottish Credit and Qualifications Framework (SCQF) – www.scqf.org.uk)
The awarding bodies and qualifications / designations listed on the IFA Promotion website
Level A qualification Level A qualification Chartered Insurance Institute (CII)
Level B designation Level B qualification Level A qualification Level A qualification Level A qualification Level A qualification Level A qualification Level B designation Level B designation Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level B qualification Level A qualification Level A qualification Chartered Institute of Bankers in Scotland (CIOBS)
Level B qualification Level A qualification Level A qualification Level A qualification Level A qualification Institute of Financial Planning (IFP)
Level B designation Level B qualification Level B qualification Level A qualification Level A qualification Level A qualification Level A qualification Level A qualification Personal Finance Society (PFS)
Level B designation Level B designation Level B designation Pensions Management Institute (PMI)
Level B qualification Securities & Investment Institute (SII)
Level A qualification Level B qualification 