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Home » Qualifications » Diploma in Regulated Financial Planning
 

The benchmark qualification for financial advisers

This benchmark qualification for those advising on retail investment products meets the QCF Level 4 exam standards in full.

The Diploma in Regulated Financial Planning is suitable for those who don't hold additional CII credits counting towards completion of the Diploma in Financial Planning.

Covering the following six compulsory units, the Diploma develops core technical knowledge and financial planning capabilities:

  • Financial services, regulation and ethics.
  • Investment principles and risk.
  • Personal taxation.
  • Pensions and retirement planning.
  • Financial protection.
  • Financial planning practice.

Holders of the first unit, Financial services, regulation and ethics, are authorised to advise under supervision while they work towards completion of the full Diploma. 

Five of the six units are multiple-choice tested and therefore examined year-round. The sixth, the planning unit R06, is examined 4 times a year.

Upon completion candidates will be awarded the Diploma in Regulated Financial Planning. PFS members are entitled to use the designation DipPFS (Continuing Professional Development requirements apply). 

Credits obtained in completing the Diploma can also be used towards the Advanced Diploma in Financial Planning, leading Chartered Financial Planner status. 

Key Benefits

The Diploma delivers may benefits, these include: 

  • No gap fill  - meets the QCF Level 4 exam standards in full
  • Year-round entry - plan study around business commitments.
  • Modular Learning - learn at your own place.
  • Pay-as-you-learn - fees are payable as you take each unit.
  • Multiple-choice testing - providing immediate notification of results.
  • 80 exam centres with year-round testing - take exams at a convenient time & location.
  • Unrivalled study support - widest range of learning & revision materials.

Your next step

Now that you have read about the Diploma in Regulated Financial Planning, gained an understanding of what it offers and established it is the appropriate qualification route for you, it is time to finalise your entry.

Please take time to read more about the requirements of the course using the 'qualification in detail' links above. To enrol onto a study option, access revision material or book an exam you can select the unit links, also above.

Further useful information:

  • Learning statement - For details of credits you hold and confirmation of your personalised completion requirements for the Diploma.
  • FAQs - Our frequently asked questions relating to studying towards CII qualifications and examinations. 

Introduction

« Back to Introduction

CII qualifications require completion of one or more units, each covering a specific topic that is individually assessed. Assessment methods vary depending on the level and subject matter of a unit, and include:

  • Multiple choice examinations - the assessment method for Certificate, Award and financial services 'R0' Diploma units assessed in the UK.  Exams are delivered on-screen at a network of over 80 public centres across the UK. Sittings are available year-round, often on a weekly basis.
  • Written examinations - the assessment method for Diploma and Advanced Diploma units, excluding financial services 'R0' Diploma units, and also all units examined outside the UK. Sittings are typically available twice yearly in April and October at over 50 public centres throughout the UK and over 100 public centres outside the UK.

What you need to know

It is essential that candidates familiarise themselves with our service, in particular the rules and procedures that are in place. This should include both exam policies (before the assessment) and notes to results (after the assessment).

Things you need to know before the exam

Things you need to know after the exam

Key facts

Key facts for the Diploma in Regulated Financial Planning

Qualification and Credit Framework (QCF) Level Level 4
Number of available units 6 Diploma 'R0' units
Plus access to Certificate and Advanced Diploma units
Compulsory units 6 units:
• (R01) Financial services, regulation and ethics
• (R02) Investment principles and risk
• (R03) Personal taxation
• (R04) Pensions and retirement planning
• (R05) Financial protection
• (R06) Financial planning practice
Credits required to complete (existing credits carried forward) 100
Credits per unit R01/R02 - 20 credits
R03-R05 - 10 credits
R06 - 30 credits
Combination of units at any level allowed Not applicable
Exam format R01/R02
• Online, 2 hours
• 100 multiple choice questions
R03-R05
• Online, 1 hour
• 50 multiple choice questions
R06
• 3 hours
• 2 written case studies
Average study time per unit R01/R02 - 60 hours
R03-R05 - 50 hours
R06 - 100 hours
Availability of exam sessions (Details shown apply to the UK. Outside of the UK exams are offered twice-yearly) Year-round (R01-R05)
Availability varies from centre to centre, but typically weekly
6 times a year (R06)
Entry requirements? None
Credits available for prior learning? Yes
Record of Achievement issued for each exam pass? Yes
CII/PFS membership designation DipPFS
PFS members are entitled to use on completion

 

Completion requirements

Entry requirements

There are no entry requirements in respect of any of the Diploma in Regulated Financial Planning units, R01-R06.

Completion requirements

To complete the Diploma you are required to pass 6 units, R01-R06, in turn obtaining 100 credits.

The following units are available:

Diploma units Cedits and level
(R01) Financial services, regulation and ethics
 20 per unit - Diploma
(R02) Investment principles & risk
(R03) Personal taxation
 10 per unit - Diploma
(R04) Pensions and retirement planning
(R05) Financial protection
 10 - Certificate
(R06) Financial planning practice
 30 - Diploma 

Credit awards for equivalent units

Due to the extent of syllabus overlap, certain combinations of units will result in only one award of credits. Where two comparable units are held, the higher of the two credit figures will be added to your CII Learning Account. However, should you wish, you may still choose to sit an 'overlapping' unit in order to enhance your knowledge.

Current units treated as equivalent (see important note below):

Current unit title Credits and level Current unit title Credits and level
(R02) Investment principles & risk 20 - Diploma  (J06) Investment principles, markets and environment 20 - Diploma 
(R03) Personal taxation 10 - Diploma  (J01) Personal tax 20 - Diploma 
(R04) Pensions and retirement planning 10 - Diploma  (J04) Pension funding options 20 - Diploma 


Important note: as the Diploma in Regulated Financial Planning is an FSA regulated qualification, all learning outcomes must be matched in order for an exemption to be given against its units. At the time of going to print it is the case that currently only units CF3 and J08 have this degree of learning outcome match against the comparable new units, R05 and R06, respectively.

The mechanics of entering for Diploma units

There is no prescribed order in which units must be taken. You select those most appropriate to your learning needs. You may sit as many exams as desired at a single sitting, although we recommend that no more than two Diploma units per session are taken.

The recommended minimum study hours shown below will vary according to your experience and ability. The nominal pass mark is also shown. However, the actual pass mark may vary slightly from one session to another to ensure that the pass standard remains constant.

Units Study hours per unit Exam format Length of exam Nominal pass mark Exam sessions Results notification
(R01) & (R02) 60 100 multiple choice questions (MCQ) 2 hours 65% Year-round Immediate notification of results
(R03) - (R05) 50 50 multiple choice questions (MCQ) 1 hour R03, R04 - 65%. R05 - 70% Year-round Immediate notification of results
(R06) 100 2 written case studies on financial planning practice. Candidates receive the 2 written case studies two weeks before the exam. 3 hours 55% January/April/July/October 6 weeks

 

Important deadlines

The following information is applicable to candidates wishing to sit CII written examination R06 during 2012.

Unit (R06) Financial planning practice Jan 2013 exams Apr 2013 exams Jul 2013 exams Oct 2013 exams
Closing date for your exam entry and payment to reach the CII at normal fee (changes to exam entries, etc. not accepted after these dates) 21 Dec 12 01 Mar 13 07 Jun 13 28 Aug 13
At late entry fee 04 Jan 13 22 Mar 13 21 Jun 13 20 Sep 13
Exam entry confirmation1
Receive your exam admission permit1 Despatched ten days before exams begin or six weeks for non-UK applicants
Sit exams 21 Jan 13 08 Apr 13 08 Jul 13 07 Oct 13
Exam results released online at www.cii.co.uk/results and posted to candidates2 Results are sent by 1st class past on the date shown.
Please allow five days for delivery to a UK address and 14 days for a non-UK address
UK centres 01 Mar 13 17 May 13 16 Aug 13 15 Nov 13
Non-UK centres n/a 14 Jun 13 n/a 13 Dec 13
Entry for the next exams You do not have to wait for your results before entering for an exam in the next session

1. Please contact Customer Service if you do not receive these. When you receive your admission permit you MUST check whether any change has been made in the date or times of the units for which you have entered and that the units shown on your permit are those that you intend to sit. If there is any discrepancy you should contact Customer Service immediately.

2. To access your results online you will need to be logged in to the CII website using your CII Permanent Identity Number (PIN) and password.

Alternative Assessment

The entry deadline for the final assessment day was 12 May 2012. Therefore, the Alternative Assessment non-exam option for completion of the Diploma in Regulated Financial Planning is no longer available.

Syllabus updates 2013-14

Regulatory changes brought about by the replacement of the FSA with three new financial services regulatory bodies, which include the Financial Conduct Authority (FCA), are having a significant impact on CII customers, the way you conduct your business and therefore the content of our syllabuses, study material and exams for certain exam units.

Further background on these regulatory changes can be found below under our frequently asked questions.

What do these changes mean for CII customers?

Some CII units examine on aspects of the FSA. To ensure that we're examining on current issues and regulation, syllabuses and study material for these units are being updated to reflect the upcoming changes.

When will these updates be made?

Updated syllabuses have now been published - available to download from each qualification page on this website - and will be examined from 01 Sep 2013.

For all financial services units, new study text editions will be published in July 2013 as normal.

Are there units that will be impacted by the changes more than others?

Yes, the following units have more content that will be affected:

CF1*, CF6, R01*, R05, J07, J09, J11, FA1, ER1

* These units will be particularly affected by this change

How significant will the updates be?

Changes to the regulatory regime will result in some changes to the legislative position that is being examined - this will largely consist of updating references to the FSA, and its roles and responsibilities, to the new regulatory bodies. As detailed above, some units will be more impacted than others.

Are there any changes to the current testing period that will affect the life of existing study texts?

No - because of the anticipated timing of the changes we plan to update study material for financial services units at the same time as usual. The only change to the timetable will be that updated syllabuses will be issued slightly earlier than normal (in April rather than July), but these will be examined from September as usual.

Background - what's changed?

From 1 April 2013 fundamental changes were made to the regulatory regime as the Financial Services Authority (FSA) was disbanded.

  • A new regulator, the Financial Conduct Authority (FCA), is now responsible for policing the behaviour and conduct of all firms, with a focus on ensuring consumers are protected and markets work well. It is also responsible for the solvency and stability of smaller firms such as IFAs.
  • The Prudential Regulation Authority (PRA) is responsible for the solvency and financial stability of the larger institutions (banks, insurance companies, etc.) whose failure could trigger a financial crisis.
  • Within the Bank of England sits the Financial Policy Committee (FPC), responsible for scanning for emerging risks to the financial system.
R01
Financial services, regulation & ethics
R02
Investment principles and risk
R03
Personal taxation
R04
Pensions and retirement planning
R05
Financial protection
R06
Financial planning practice
 

Assessment information

It is important that candidates entering for a CII assessment familiarise themselves with our service, in particular the rules and procedures that are in place.

Find out more »

Syllabuses

R01 Financial services, regulation and ethics

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • UK financial service industry in its European and Global context;
  • how the retail customer is served by the financial service industry;
  • Regulatory framework, powers and responsibilities to protect the consumer;
  • the legal concepts and considerations relevant to financial advice;
  • the Code of Ethics and its impact on the business behaviours of individuals.


Read about updates that will affect financial services qualification units »

R02 Investment principles and risk

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • the characteristics, inherent risks, behaviour and correlation of asset classes, and investment products;
  • the macro-economic environment and its impact on asset classes;
  • the merits and limitations of the main investment theories;
  • the nature and impact of the main types of risk on investment performance;
  • the performance of investments.

R03 Personal taxation

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • the basic structure of the UK tax system;
  • the main taxes on income and capital that may be charged on individuals and trusts, the self assessment system and how tax liabilities are computed;
  • the taxation of investments as relevant to the needs and circumstances of individuals and trusts.

R04 Pensions and retirement planning

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • the main tax and legal frameworks applicable to pension schemes;
  • the features of defined contributions and defined benefit pension schemes;
  • state retirement benefits including risks and suitability of contracting out;
  • the aims and objectives of retirement planning including relevant investment issues.

R05 Financial protection

At the end of this unit, candidates should be able to understand the:

  • purpose and scope of financial protection products and how they interact with State benefits;
  • main features and functions of the different types of contracts and how they are arranged in order to meet the individual client's protection needs;
  • main protection needs of businesses.

The syllabus for this, and other CII units, will be updated during 2013.
Read about updates that will affect financial services qualification units »

R06 Financial planning practice

This unit enables candidates to demonstrate their expertise in the application of the financial planning process through combining and applying learning content from all the other units in the CII QCF level 4 Diploma in Regulated Financial Planning:

  • Financial services, regulation and ethics;
  • Investment principles and risk;
  • Personal taxation;
  • Pensions and retirement planning;
  • Financial protection.
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