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CII pilots new financial planning assessment approach

CII pilots new financial planning assessment approach | Insurance Business UK

CII pilots new financial planning assessment approach

The Chartered Insurance Institute (CII) has announced that it is piloting a new form of assessment for the R06 Financial Planning Practice unit.

Instead of the scheduled written exams, CII will be piloting coursework assessments for the R06 Financial Planning Practice unit of the Chartered Insurance Institute Level 4 Diploma in Regulated Financial Planning. The format of the coursework assessments will be assignments based on client case studies.

The institute explained in a statement that it is conducting this pilot as many financial planners that took part in the “Shaping the future together” consultation had informed the CII that they wanted the institute to “bring in more flexibility and realistic assessed tasks” to its assessments.

“Our R06 unit currently uses on-screen written exams available four times per year,” said CII chief customer officer Gill White. “We are piloting a flexible, client-focused coursework assignment assessment, designed to fit in with contemporary working practice. This means learners with commitments that prevent attendance of exams on the fixed dates will not face a barrier to completion of the Diploma in Regulated Financial Planning.

White added that the assessment is designed to fulfil the same criteria and learning outcomes as the current R06 exam and meets the Level 4 qualification descriptors of education regulators.

“We worked with practitioners within the profession, advisory groups and the PFS Board to discuss how these skills are demonstrated in a professional context to design the coursework assessment approach and tasks.”

CII also said that a review would be undertaken later this year after the pilot is completed for feedback on the program. The institute will then decide whether the assessment switches from written examinations to coursework, and determine the timetable for the transition.