It's much more than an exam

You may not yet fully realise what impact the RDR is going to have on your job, says SHONA MATTHEWS. The Institute’s RDR Relationship Manager explains that it’s about much more than getting through an exam.

As banks and their staffs prepare for RDR, we’re finding a growing recognition of the value of the Institute’s distinctive approach in two particular respects – the operational flexibility of our examining regime, and the practical realism of our teaching techniques.

We’re unique in offering examination on-line at over 70 invigilated exam centres across the country. So we can run examinations literally any day of the week. That’s a tremendous operational advantage for organisations which are naturally concerned about the number of people they need to take away from sitting in front of customers at any one time.

Over the next 18 months, any one bank might have, say, 1,000 people or more who need to meet the “up-skilling” requirements of the RDR. It’s much less of a headache if they can phase the operation so that, in any week, only 10 or 20 at a time are disappearing off to exam rooms. That’s manageable.

Examining online has many advantages. An individual’s knowledge of the syllabus is tested not with one static exam paper on a single fixed day, but with a unique and variable combination of questions. And, of course, online examining also means larger companies with their own training areas can set up invigilated exam centres conveniently onsite. When requested, however, our systems also allow us to arrange paper based examinations on specific days.

We certainly hope this will help reduce what’s already a huge cost burden of RDR on banks with very large-scale teams who have to meet the high level qualifications imposed by the RDR.

The second big advantage is that our approach is so firmly rooted in everyday banking realities. We’re wholly focused on learning outcomes, and that’s reflected in the library of case studies we use as our teaching raw material.

This is vital. A lot of people in banking may not yet fully realise what impact the RDR is going to have on their jobs. And, for them, the best chance of getting through the exam is if they have a real sense of how it’s all going to help them do their job better.

Our case study approach does just that because the scenarios we use reflect real banking situations: ‘George has banked with you for 20 years and is about to retire. He wants to ask you about his income options’. Or: ‘You’ve known Julie since she was 15 and you’re aware she and Jim are saving up to get married. You ask them to come in to talk about their savings choices’.

Our approach instils more confidence that this really does relate to your own role. People begin to see how the use of practical applications can help them perform better with their customers.

PROFESSIONAL FINANCIAL ADVISER:

How to qualify

The Institute offers a “top-up” Diploma in Investment Planning (DipIP) designed specifically for the retail banking market. It’s been developed for staff giving personal financial advice to retail customers, holding one of the existing appropriate (Level 3) financial advice qualifications.

Importantly, the syllabus and examination covers areas that should be familiar to the existing adviser working in a retail banking environment.

Institute members holding the DipIP (or an equivalent qualification) and who comply with the Institute’s CPD requirements and Code of Professional Conduct are eligible for Professional Financial Adviser status. This gives you:

• the right to use of the designatory letters PFA and the title of Professional Financial Adviser
• inclusion on an online register of PFAs
• access to the Institute’s online PFA CPD scheme, designed to keep PFAs up-to-date with regulatory and market changes
• access to the Institute’s online library, magazine and to the Institute’s general CPD resources; and
• the right to participate in the Institute’s District Centre Network including CPD and social events.

The Institute is currently working with the Financial Services Authority and Financial Services Skills Council to clarify the position of current and legacy qualifications in relation to the new Level 4 requirements. Once clarification has been received we will advise members of their position.

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