More than 500 personal finance professionals have signed up to the CII's pension transfers qualification in the first week of its launch, following the Financial Conduct Authority's proposals to tighten the advice requirements for the transfer of safeguarded benefits. Candidates have enrolled onto the new Level 4 Certificate in Pension Transfers Advice which includes a new Level 6 unit (AF7) Pension transfers, and three existing CII Level 4 units -- (R01) Financial services, regulation and ethics, (R02) Investment principles and risk and (R04) Pensions and retirement planning.
Some 7,000 CII statement of professional standing holders are qualified to provide pension transfer advice, holding either the withdrawn CII unit (G60) Pensions or current CII unit (AF3) Pension planning. The new Certificate provides advisers with the skills and qualifications required to operate as a pension transfer specialist. The CII will also introduce a new Level 6 Advanced Diploma unit (AF8) Retirement income planning in October 2017, covering aspects of pension planning not covered in AF7. Together, the two new units will replace AF3, which will be withdrawn in April 2018.