In a statement FPSB UK said: "In 2011 a separate company named FPSB (UK) Limited (wholly owned by IFP) was set up to design, deliver and award Financial Planning qualifications. FPSB UK, as it's referred to, was recognised by Ofqual as an awarding organisation over two years ago, and we took this opportunity to develop the new Level 6 Diploma in a Financial Planning.
"The IFP is licensed by the Financial Planning Standards Board (the global overseer of CFPCM certification) to award CFPCM certification in the UK and part of the global requirement for this designation is that planners must pass an exam as well as a case study within their qualification assessment. The new Diploma in Financial Planning fulfils that qualification requirement and the positioning on the QCF and the size of the qualification now give much better guidance as to the demands it makes on the candidates.
"We believe that the new qualification is robust, as the standards are based on an updated role profile and Financial Planner competences, and the inclusion of the exam helps candidates to ensure that they have both the required skills and knowledge to prepare an integrated Financial Plan. The standards for the case study have been rewritten to minimise subjectivity, and the units once passed cannot be failed in future submissions. Anyone starting the assessment after January 2013 has to take the exam before starting the case study. Candidates who started the process in 2012 are being permitted to complete the previous assessment route which was based on a case study only and the previous standards.
"IFP and FPSB UK have been concerned about the low pass rates for first submissions and the very low marks achieved by some candidates. It is clear from the financial plans they submit that some candidates are not preparing Financial Plans based on the required standards and also that many candidates need more support to enable them to prepare properly. Whilst candidates have a good level of technical knowledge, they seem to struggle when applying it to a case study scenario in order to present an integrated plan of action.
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"Traditionally, we have prepared feedback for unsuccessful candidates on failed standards to help them bring their plans up to the required level. It has always been the responsibility of the candidate to ensure that their plan meets the standards. It is not possible or desirable, for an examining body to point out every single error or explain, in detail, what the candidate needs to do.
"Assessors will also point out that changes to an integrated plan may impact on other areas of a plan which were previously passed. For example, an error in a tax calculation may increase the surplus income calculated and mean that a solution is no longer affordable once corrected.
"Some recent press coverage and social media comments suggest that some candidates assumed they were being told about every point that was wrong with their plan, rather than working from the assessment standards themselves. For those candidates still working on the pre-2013 syllabus, we are making it much clearer what the purpose of the feedback is, what options they have regarding requesting additional clarity and appeals, and how they should approach a resubmission.
"Candidates taking the new diploma will be advised in feedback of any learning outcomes and assessment criteria (see syllabus) not met, with a brief commentary that will give an indication of the reasons why the plan does not meet the required standard. We believe that these changes will improve the experience for candidates while maintaining the rigour and standards required of a Level 6 diploma qualification."
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"Finally, to support candidates in their preparation for the qualification, the IFP continues to offer a range of training solutions. These include a new preparation day for the Principles of Financial Planning examination. Details of this and all the IFP's training options can be found on the IFP website. http://www.financialplanning.org.uk/training-and-development. "