As part of the drive towards raising the standards and competence of financial advisers, the Financial Conduct Authority (FCA) approached the CII to create a re-evaluation test of the knowledge required to practice as a retail investment adviser.
The level 4 Diploma became the standard when the Retail Distribution Review came into force at the start of 2013. Advisers complete a minimum of 35 hours continuous professional development each year with the aim of maintaining and updating their knowledge. Only a few firms test their advisers' knowledge yearly as part of their Statement of Professional Standing. We believe that advisers having a good level of knowledge is the foundation to giving sound financial advice.
Test your technical knowledge, year-on-year Keeping your technical knowledge up-to-date with all the developments within the ever-evolving retail investment sector can be challenging, particularly alongside your busy work schedule. So in collaboration with the FCA, we have devised a practical way to test areas of technical knowledge most relevant to you.
This cost-effective and time-efficient method of re-evaluation enables you to evidence your current technical knowledge. It also helps highlight your strengths and identify areas for improvement. Ensuring your knowledge is up to date is also vital to making sure the advice you give to clients is always sound and that you follow the latest guidelines and principles.
The test contains 100 questions across areas of the CII's R01-5 units (see R01-5 syllabus), prioritised by the potential for impact on the suitability of advice.
Download the syllabus and RAR FAQs from the useful links section on this page.
Claim structured CPD hours to help fulfil your learning and development goals
If you successfully pass the test you can claim 35 hours of structured learning if it is supported by an identified learning need and a reflective statement. You can also use the results as a powerful supplement for your annual review and appraisal to evidence your skills and knowledge.
Who’s it for?
The test can be taken by all qualified professionals that operate within retail investment and want to assess their existing R01-5 knowledge. This includes wealth managers, paraplanners, technical support staff, etc.
By taking this test you are able to assess your current level of technical knowledge. As well as your overall test result, you will be provided with a breakdown of your results for each of the 14 knowledge areas you will be assessed on. This will give you an indication of the areas you are strongest in and identify those you may need to improve on.
As a PFS or CII member you have access to a suite of current study text in the study texts section of the CII website. The materials will help you prepare for the test. If you are not a member you can still see the exam guides for the R0 units on the CII website on the specific qualification pages. However, remember that this test is also an assessment of what you do and advise on, on a day-to-day basis.