LIBF launches level 4 diploma in paraplanning

The new diploma is open for registration from Monday (13 January) and the first course will start on 17 February 2020. The course is based on a nine month completion time, though students can take longer if necessary.

The level 4 diploma will replace the existing diploma 3 certificate in paraplanning and financial administration (CertPFA). Students currently studying the level 3 qualification will be able to continue their studies or transfer to the level 4 qualification.

LIBF relationship director John Somerville (pictured) explained why the body would be scrapping the level 3 qualification in 2021 in favour of the level 4: "[Paraplanners] are looking for a qualification that is more on the same level as a financial adviser, but actually takes into account their own skill level and needs.

"There's a real emphasis now on paraplanning being a career in itself, rather than a step forward into advice later. Most paraplanners don't want to move into advice, what they want is to be considered professionals in their own right, really show a qualification that proves their worth. Speaking to many of the paraplanning firms out there… they want to be recognised separately from adviser, but on the same footing."

The qualification will cover the UK financial services industry in its European and global context, the Financial Conduct Authority's responsibilities and approach to regulation, as well as the different types of risk and how they relate to institutions and individuals.

The level 4 diploma will also cover ethical, legal and vulnerability considerations, the impact of taxation on investments and other recommended solutions and the skills required to produce a suitability report.

LIBF managing director of corporate and professional learning Mark Heaton said: "The level 4 diploma in paraplanning takes a practical and blended learning approach, including case studies, and we've also mapped the qualification to the paraplanner apprenticeship standard. We hope these changes will help the sector recruit a new generation of paraplanners to help fill the skills gap."

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