The London Institute of Banking and Finance (LIBF) has revamped its level 4 diploma for financial advisers (DipFA), making it on demand.
Learners can also study modules in any order and pay by module, enabling them to fit study around their other commitments and spread the cost.
The modules are each assessed by a multiple-choice exam, to check students’ knowledge as they progress through the course.
The final course assessment, however, is no longer made by a formal exam.
Now, students undertake a coursework project to ensure they can apply their learning in true-to-life, practical scenarios.
LIBF director of financial services, professional education John Somerville said the organisation had “consulted extensively” with the adviser community to help it create a refreshed qualification that “meets the needs of this fast-moving industry”.
“We’ve listened to what the sector wants – in particular, to move away from formal exams and focus on the ongoing assessments that really test the skills and knowledge advisers need to be successful for clients and companies,” he said.
“The refreshed DipFA is more flexible, more accessible and enables advisers to immediately use what they’re learning in the workplace – building on what was already a more practical approach.”
The DipFA is the minimum level qualification advisers need to become a financial adviser, as set out by the Financial Conduct Authority.
It covers the purpose and structure of the UK financial services industry, the FCA’s main aims, and the rules and regulations that apply to financial advice and the different risks that might affect customers’ financial needs, including both economic and personal.
It also looks at the potential solutions for the main areas of financial advice, how to source and analyse client data, how to create, implement and maintain financial plans and how to formulate and communicate financial advice.
