CII pilots new form of financial planning assessment

The Chartered Insurance Institute is piloting a new form of assessment for the R06 Financial Planning Practice unit.

The ‘Shaping the future together’ consultation gave members and other key stakeholders the opportunity to feedback on the Chartered Insurance Institute’s (CII) proposed plans, as well as the services it delivers and how the professional body can best meet their needs and expectations in the future.

The CII is conducting this pilot as the majority of financial planners who took part in the ‘Shaping the future together’ consultation told us they want us to bring in more flexibility and realistic assessed tasks to some of our assessments.

In place of the scheduled written exams, the professional body is 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 for R06 will be assignments based on client case studies.

Gill White, Chief Customer Officer of the Chartered Insurance Institute, said: “Our R06 unit currently uses on-screen written exams available four times per year. 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.

“The assessment is designed to meet the same syllabus learning outcomes and assessment criteria as the current R06 exam and meets the Level 4 qualification descriptors set out by education regulators. The assessment criteria include a requirement for analysis and justified recommendations, which are appropriate to assess in longer responses such as case-study-based assignments.

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

A review will be undertaken later this year once the pilot is completed and feedback from candidates has been received.

The Chartered Insurance Institute will then decide during 2023 whether assessment for the R06 Financial Planning Practice unit will switch from written examinations to coursework and the timetable for any changes.