11 June 2008

New Simplified Qualifications Search on www.unbiased.co.uk (Trade)

In one of the most significant developments in its history, www.unbiased.co.uk, today unveils a new simplified qualifications search.   Working closely with the FSSC, Unbiased.co.uk has devised a simple two-tier ranking for the 39 different IFA incremental qualifications/designations from eight different awarding bodies.  

The mapping and assignment of the levels of these qualifications/designations was completed by a specialist agency under the supervision of the FSSC and the qualifications are presented in a coherent and easy-to-understand manner.

David Elms, Chief Executive of Unbiased.co.uk said: “This new search is great news for consumers – as it makes it easier for them to compare the different incremental qualifications/designations that IFAs have.   Anything that improves the consumers understanding of the IFA market and makes the advice process more transparent can only improve industry reputation.

“Before the search facility on Unbiased.co.uk the consumer was faced with a bewildering number of qualifications and designations from many different awarding bodies.   The new search means consumers will be able to compare all of these to the qualifications they are familiar with – for example, A Levels and components of an undergraduate degree.”

Teresa Sayers, Chief Executive of the FSSC, said: “The FSSC is delighted to have been involved in delivering this qualifications database for consumers to help them understand the different levels and descriptions of financial adviser qualifications. It will ensure they gain a wider understanding of the range of examinations in this sub-sector and give them the confidence they need to source a financial adviser that can help meet all their needs.”

-ends-

For further information please contact:

David Elms

Nicola Hussey/Anna Schirmer

Chief Executive

Lansons Communications

Unbiased.co.uk

020 7566 9718/ 020 7294 3605

020 7833 3131

 

 

 

Zoe Hussain

Marketing and PR Officer

Financial Services Skills Council

0845 6182375

 

 

 

 

 

 

 

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call unbiased.co.uk’s Media Services hotline on

020 7294 3682 or search online at www.unbiased.co.uk/media

Methodology

The mapping and assignment of levels of these qualifications and designations was completed by UK NARIC, a national DfES agency which provides guidance on levels of international qualifications (academic, vocational and professional) under the supervision of FSSC.  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:

The Financial Services Framework levels developed by UK NARIC have been used as the basis for establishing the level of qualifications and designations based on the levels and descriptors used in the National Qualifications Framework (NQF).

All the awarding bodies have signed off the new qualification descriptors (Level A and B) and the individual incremental qualification descriptors.

 

The New Qualifications Descriptors – Financial Services Sector

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.

 

The awarding bodies and their qualifications and designations which are included on the IFA Promotion website are as follows:

 

Chartered Insurance Institute (CII)

Qualifications

Levels A & B

Certificate in Mortgage Advice

A

Certificate in Financial Planning and Lifetime Mortgage Activities

A

Certificate in Financial Planning and Long Term Care Insurance

A

Pensions Simplification (CF9)

A

Mortgage Advice Qualification (MAQ)

A

Savings and Investment (SV1)

A

Advanced Financial Planning Certificate (AFPC)

B

Taxation & Trusts (G10)

B

Personal Investment Planning (G20)

B

Business Financial Planning (G30)

B

Pensions (G60)

B

Investment Portfolio Management (G70)

B

Long-Term Care, Life and Health Protection (G80)

B

Supervision and Sales Management (H15)

B

Holistic Financial Planning (H25)

B

Retirement Option (K10)

B

Pension Investment Options (K20)

B

Designations

Levels A & B

Associate of the Chartered Insurance Institute (ACII)

B

Fellow of the Chartered Insurance Institute (FCII)

B

Chartered Financial Planner

B

 

Personal Finance Society (PFS)

Designations

Levels A & B

Personal Finance Society Diploma (DipPFS)

B

Associate of the Personal Finance Society (APFS)

B

Fellow of the Personal Finance Society (FPFS)

B

 

ifs School of Finance (IFS)

Qualifications

Levels A & B

Certificate in Mortgage Advice and Practice (CeMAP)

A

Advanced Certificate in Mortgage Advice and Practice (Adv CeMAP)

A

Pensions Paper – with CIB

A

Professional Investment Certificate (PIC) – with CIB

A

Associate of the Chartered Institute of Bankers (ACIB Pre 1996)

B

 

Chartered Institute of Bankers in Scotland (CIOBS)

Qualifications

Levels A & B

Mortgage Advice and Practice Certificate (MAPC)

A

Lifetime Mortgage Advice and Practice Certificate (LMAPC)

A

Certificate in Investment Planning (CIP)

A

Certificate in Mortgage Advice and Practice (CMAP)

A

Associate of the Chartered Institute of Bankers in Scotland (ACIBS)

B

 

 

United Kingdom Society of Investment Professionals (UKSIP)

Qualifications

Levels A & B

Investment Management Certificate (IMC

A

Investment Management and Asset Allocation Qualification (IMAAQ)

A

 

Securities & Investment Institute (SII)

Qualifications

Levels A & B

Certificate in Investment Management

A

 

Institute of Financial Planning (IFP)

Qualifications

Levels A & B

Fellow of the Institute of Financial Planning

B

Designations

Levels A & B

Certified Financial Planner

B

 

Pensions Management Institute (PMI)

Qualifications

Levels A & B

Associate of the Pensions Management Institute (APMI)

B

1.      Independent Financial Adviser Promotion

Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 20,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice. 

IFA Promotion is sponsored by 29 leading financial institutions, and in the past 12 months, over 600,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

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