23/01/2009 - Ken Davy calls for CII to cut study and exam costs

Honorary Fellow of the CII and Chairman of Simply Biz Ken Davy has called for the CII to cut the cost of study and exam fees for all financial advisers.  In a statement Ken Davy said “In the next four years we are going to see an explosion in the number of exams being taken by financial advisers.  This year alone, just in Simply Biz, in excess of 5,000 examinations are likely to be taken.  Multiply that across financial services as a whole, and indeed by the next four years, to 2012 and the figures become enormous.

Clearly the CII, as currently the main examining body, stands to benefit from this windfall to the tune of many millions of pounds.  To the CII’s credit they have, throughout the debate about raising standards, which we have supported, consistently stated that they would not profiteer from the increased demand for examinations and qualifications.

Now is the time for them to honour that commitment and I urge them to do so by taking action in three areas:

Firstly, exam fees should be dramatically reduced from the current £106 per exam. 

Secondly, the supporting study material should be made much more readily available and again at lower cost.  At present the CII copyright text books on an individual basis, so that - technically - passing them on to a colleague breaches the CII’s restriction.

Lastly, I urge the CII to make much greater use of technology and remote learning both for accessing study material and pre-testing exam candidates.  I believe the creative use of technology could significantly increase the examination pass rates, which is in everyone’s interest - including consumers.

By way of example as to what can be achieved through technology, look at the success of the New Model Business Academy which Simply Biz launched last year.  The NMBA has enabled 11,477 of past exam papers and specimen papers with model Q&As to be downloaded in little more than six months.

The drive for increased professionalism and qualifications is already well under way.  I urge the CII to act now to reduce the cost of higher qualifications for all financial advisers.”