The Chartered Insurance Institute has already received accreditation from the Financial Services Skills Council for its Certificate in Financial Administration, which is designed to test life and pension admin staff's basic knowledge of their roles.
Formerly known as the Financial Administration Foundation Certificate (FAFC), the qualification covers both FP1 – dealing with financial services and regulation – and either FA1, for life office admin, or FA2 for pensions admin and fits into the new QCA regime as a ‘level 3’ professional qualification.
This is within just weeks of the FSSC publishing its syllabus on the reformed FP1, which now requires financial intermediaries and anyone else taking the exam to also pass questions looking at the ethics of business and financial services.
Content of the CII’s FA1 Life office administration exam requires back office staff to know the key elements and details of long-term life insurance and assurance, the market and its products, as well as new business, policy and claims administration.
FA2 on pensions administration assesses candidates’ knowledge of pension provision development, the range of products, alongside new and existing business and benefit administration.
Each exam is one-hour long and consists of 50 multiple-choice questions, but both certificates are required if back office staff conduct both life and pensions business.IFAonline
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