DiPFA – Diploma for Financial Advisers Training Course Information
The Diploma for Financial Advisers (DipFA) is an FCA-approved QCF Level 4 qualification; it is one of the benchmark qualifications that meet the Retail Distribution Review (RDR) requirements. RDR came into effect on 31st December 2012 and applies to all advisers in the retail investment market, regardless of the type of firm they work for. RDR was designed to raise Professional standards and to increase consumer confidence in the retail investment market. Whether independent or restricted, advisers are required to demonstrate a higher level of knowledge and skills. The qualification structure will ensure that advisers achieve a greater level of professionalism, with higher level qualifications, enhanced standards of Continued Professional Development (CPD) and adhering to ethical standards.
On completion of the DiPFA qualification, qualified professionals can go on to work in financial services as a financial adviser, giving advice on personal protection, investments and retirement planning. This qualification only takes 9 months to complete, offering a direct route into the finance industry. DipFA is a professional qualification (level 4), but without the hefty course fee attached and the long term study commitment to achieve it. Our DiPFA Training Courses are designed to work around you, meaning you can become qualified even as you work.
The DiPFA qualification comprises of 3 modules. The first module covers UK regulation assessed by one 2 hour multiple choice exam undertaken at a Pearson Vue test centre, these are located all over the UK. The LIBF have now rolled out the ability to sit the professional exams via remote proctoring, this enables students to sit the exams from the comfort and safety of their own homes. The Advanced financial advice is covered by a 4000 word dissertation and a 3 hour final exam. To achieve your DiPFA® qualification candidates will need to register with the London Institute of Banking and Finance for the DiPFA®. The registration includes all exam fees and the awarding of the qualification on successful completion of all 3 modules. The current LIBF exam fee is £990.00 and is payable directly to them.
DiPFA® is split into 3 modules:
- Module 1: FSRE® (Skill: Understanding Regulation) (Exam: One 2 hour exam with 90 stand alone questions and 2 case studies with 5 questions each. 70% pass mark required)
- FSRE® (Financial Services, Regulation and Ethics)
- Overview: FSRE® is the regulatory foundation module required for any professional qualification. The module helps candidates understand how financial markets and products work. It also covers how firms and individuals are authorised and regulated in the UK.
- For the AFA sections (module 2 and 3) of the DiPFA® there are quarterly registrations.
- December Registration – Final exam in July
- March Registration – Final exam in October
- June Registration – Final exam in January
- September Registration – Final exam April/May
- AFA Module 2: Coursework (Skills: Communication, technical and research skills) (4000 word dissertation, plus 4 short questions). Assessed: 4 months to complete – Submitted electronically. 50% pass mark required.
- Overview: DiPFA® module 2 covers all the relevant technical areas required to deliver financial advice. Students are expected to submit a 4000 word dissertation after 4 months, where they must research and understand technically the topic area given. Communication is tested by the student’s ability to communicate the piece to the selected target group.
- AFA Module 3: Fact find exam (Exam: One 3 hour exam. 50% pass mark required).
- Overview: The final module looks at applying the knowledge gained in the previous units and testing the ability to formulate the knowledge via a suitability report (apply the knowledge). This is based on a case study provided as a fact find given 6 weeks before. Students must formulate their recommendations via a report within the time frame.