CISI new pension transfers qualification gets FCA green light

By Lora Benson | Sep 19, 2017


The Chartered Institute for Securities & Investment (CISI) is pleased to announce that its new Level 6 Certificate in Pension Transfers & Planning Advice has been officially approved by the FCA.

This new qualification, which is available now for candidate registration, has been recognised by the FCA as meeting the qualification requirement for the Pension Transfer Specialist activity (Activity 11), when combined with a qualification that enables you to obtain a Statement of Professional Standing for advising on Retail Investment Products and friendly society tax-exempt policies (Activities 4 and 6).

This Level 6 qualification is ideal for any financial planner or wealth manager looking at working in this specialist advice area.

The CISI workbook to accompany the exam is now available to purchase and candidates can sit the exam from December 2017 onwards.  

The award for this qualification is achieved by successfully passing a three-hour exam.

James Stockdale, CISI Global Director of Learning said: “We have introduced this new, important qualification as a result of listening to our members. CISI members have noted requests for information on pension transfers from current and new clients have soared since pension freedoms were announced by the UK Government in 2015.

“This demand is likely to increase further as the new EU Directive on European Institutions for Occupational Retirement Provision Directive (IORP II) states that a standardised pension benefit statement must be provided to all pension scheme members, providing clear information outlining their individual pension entitlements. The UK market is having to implement this directive by 13 January 2019.

“We owe it to the consumer to ensure that our members are sufficiently qualified to the highest standards to help them navigate these new pension freedoms and help consumers financially plan their future lives.”

Recent research from Aegon on Adviser Attitudes has shown that over a quarter (28%) of advisers expect to make new hires in the next 12 months, with the demand for pension transfer advice being a key driver in this increase.