NMBA Enter Alternative Assessments Arena
The New Model Business Academy has announced that it will shortly be offering an alternative (work based) assessment route to Level 4 qualification. The Diploma in Professional Financial Advice (Alternative Assessment Method) meets all of the requirements of the FSA’s learning outcomes and enables the candidate to demonstrate their knowledge through assessments of their work and practical experience.
An independent steering committee, The Alternative (work based) Assessment Project Group, which was established by SimplyBiz Chairman Ken Davy in January 2010, has been working closely with the FSA on introducing this offering since early last year. Other members of the group include Peter Hales formerly Aviva Sales & Marketing Director and CII President, former LIA President Len Warwick CBE and SimplyBiz Group Sales Director Steve Braidford.
Ken Davy commented:
“The Alternative Assessment Project Group is delighted that the FSA has agreed what we believe is a very practical work based route to Level 4 Diploma standard. The New Model Business Academy already provides support and guidance to IFAs who are studying and sitting examinations and we believe this is a really positive step that gives advisers another path to achieving RDR readiness.”
The NMBA have worked very closely with Calibrand and the FSA to create the alternative assessment process.
Davy continued:
“The FSA made it clear in their paper entitled ‘Delivering the Retail Distribution Review’, published in December 2009, that, providing that standards and learning outcomes are maintained, inpiduals should be permitted to demonstrate their ability based on practical experience as well as by examination.
“Alternative assessments should not be viewed as an ‘easy option’ and the new NMBA work based assessment is well structured, thorough and meets all the qualification requirements. Throughout education generally, it is increasingly recognised that not all learning is done in the same way. The traditional examination route is not the only measure of an inpidual’s level of knowledge and ability, and whilst two other alternative assessment routes are already available, they are overly complex and costly, being around £2000 to complete. I believe that the introduction of the NMBA’s alternative assessment option will mean that many experienced financial advisers who have been put off by examinations will now be able to achieve their Level 4 qualification rather than needlessly being forced out of the profession. This will benefit not only these advisers but also the enormous number of clients who would otherwise have lost access to their financial adviser.”
Denis Saunders, Managing Director of Calibrand, added:
”We are delighted to be working with the NMBA and the Alternative Assessment Project Group. This alternative assessment method to our Diploma is in line with our mission to give as many advisers as possible the opportunity to meet the qualification standards required before the end of 2012. It is designed it to be straightforward, attainable and value for money.”
The cost for the NMBA alternative assessment programme is planned to cost under £1000 per adviser and is expected to be launched in November 2011.
Editor’s Note:
The New Model Business Academy is a not for profit pision of The SimplyBiz Group. They provide training and development support services to over 10,000 financial services advisers nationwide. In addition to the New Model Business Academy, The SimplyBiz Group also includes SimplyBiz Services, Compliance First, Verbatim Asset Management, and SimplyBiz
