More than 500 personal finance professionals have signed up to the Chartered Insurance Institute’s new pension transfer qualification in the first week since launch.

A number of industry professionals have enrolled onto the new Level 4 certificate in pension transfers advice, which includes a new Level 6 unit on pension transfers, and three existing CII level 4 units. These are: financial services, regulation and ethics, investment principles and risk, and pensions and retirement planning.

The new course aims to provide advisers and planners with the skills and qualifications required to operate as a pension transfer specialist.

Some 7000 CII SPS holders are currently qualified to provide pension transfer advice, says the professional body.

The news comes as the Financial Conduct Authority aims to tighten the advice requirements on protected benefits like pension transfers. Pension transfers have recently been in the news as advisers have seen a surge in business as transfer values have soared.

The FCA recently changed its guidance on pension transfers from a general red light to one of qualified acceptance of transfers in the right circumstances.

As well as their new pension transfer course, the CII will also be launching a new Advanced Diploma unit on Retirement Planning in October.

Keith Richards, CII managing director of engagement and chief executive of the Personal Finance Society, said: “We are delighted so many have pursued these qualifications to gain the in depth enhanced knowledge required to ensure they can help their clients achieve the best outcomes in seeking financial security in retirement.

“It is understandable that the FCA renewed its focus on the qualifications, experience and continuing professional development requirements for pension transfer specialists but our members told us what they wanted ahead of the regulator demonstrating how far the profession has advanced.

“Our new dedicated pension transfer exam unit is client focused and has been developed in the spirit of the FCA’s current consultation.”