The Chartered Insurance Institute is piloting a partial revamp of the R06 Financial Planning Practice unit exam.

The change to more coursework-focused assessment will bring more “flexibility and realism”, the CII says.

The move should also help those who struggle to find time to attend written exams.

In place of scheduled written exams, the professional body will pilot coursework assessments for the R06 Financial Planning Practice unit of the Chartered Insurance Institute Level 4 Diploma in Regulated Financial Planning. The coursework assessments for R06 will be assignments based on client case studies.

The CII’s extensive consultation last year with members and other stakeholders, the ‘Shaping the future together’ campaign, asked respondents to provide feedback on the CII’s 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 says it is conducting the revamp pilot as the majority of Financial Planners who took part in the ‘Shaping the future together’ consultation said they wanted more flexibility and realistic assessed tasks for some of our assessments.

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, advisory groups and the PFS Board 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 CII says. The CII will then decide during 2023 whether assessment for the R06 Financial Planning Practice unit should switch from written examinations to coursework and the timetable for any changes.