The London Institute of Banking & Finance, a professional body, has finalised an accreditation agreement with the Society of Later Life Advisers (SOLLA), the organisation for advisers with older and more vulnerable clients.

The move, which could save six months study time, means that the LIBF will recognise SOLLA’s Later Life Adviser Accreditation (LLAA) as equivalent to 10 credits for advisers who wish to go on to study the Level 6 Diploma in Financial Advice (AdvDipFA). 

Students require a minimum of 55 credits to gain the Level 6 award. Advisers will be able to claim their credits against the Specialist Unit within AdvDipFA, and could save up to six months in study time.

The AdvDipFA is a Level 6 qualification registered with Ofqual in the Regulated Qualifications Framework (RQF). It builds on existing Level 4 qualifications and equips advisers with the expertise needed to provide complex financial advice and Financial Planning services to customers.

The Level 6 Diploma in Financial Advice covers a range of areas, including:

o   Taxation, trusts and tax compliance

o   Pension Transfers

o   Managing Investments

o   Long Term Care and Later Life Planning

AdvDipFA can lead to a Chartered Designation awarded by The London Institute of Banking & Finance. 

Mark Heaton, director of corporate and professional qualifications at The London Institute of Banking & Finance said: “We recognise that advisers who become accredited with SOLLA have significantly increased their expertise and experience in later life planning, and should be able to benefit from formal recognition of that if they go on to advanced qualifications.

“SOLLA’s accreditation process is very robust and to a very high standard, so it’s an organisation that we are very happy to endorse. This is great news for advisers.”

Tish Hanifan, founder and joint chair of SOLLA, said: “SOLLA is delighted that The London Institute of Banking & Finance  is recognising the technical expertise, soft skills and professionalism of our members who achieve our Later Life Adviser Accreditation (LLAA).”

“This accreditation is now recognised as the Gold Standard for financial advisers who work with older clients. This collaboration with the Institute can only serve to benefit those advisers who wish to evidence their professionalism by voluntarily working towards additional qualifications in this sector.”