Financial Advice - QFA
The Professional Diploma in Financial Advice is a six-module level 7 qualification and is a must for all those pursuing a career in retail and business banking. It is the industry recognised, premier designation qualification, for financial advisers in retail financial services in the Republic of Ireland. If you are a financial adviser, or wish to become one in the future, then the Professional Diploma in Financial Advice will enhance the breadth and depth of your knowledge to provide consumers with sound professional advice.
| Award Name | Special Purpose Diploma (Level 7 NFQ) |
|---|---|
| NFQ Classification | Special Purpose |
| Awarding Body | University College Dublin |
| NFQ Level | Level 7 NFQ |
| Award Name | NFQ Classification | Awarding Body | NFQ Level |
|---|---|---|---|
| Special Purpose Diploma (Level 7 NFQ) | Special Purpose | University College Dublin | Level 7 NFQ |
Duration
3 trimesters
Delivery: Online.
Entry Requirements
Requirements
The minimum second level educational requirements for entry to the Professional Diploma in Financial Advice are as follows:
• Five passes in the Leaving Certificate, including English and Mathematics
• Five O Level/GCSE passes, including English Language and Mathematics
IOB will also consider applications on a mature candidate basis from applicants who are 23 years of age before the date of their application for admission to the programme. To enrol for Financial Planning, candidates must have enrolled for, passed or be exempt from the first five modules: Regulation, Life Assurance, Loans, Investment and Pensions.
Professional Body Membership
You must be a current member of IOB, or become a member, to undertake this programme.
Further information
This programme enrols three times a year.
Summer Trimester
Start date: 06 June 2023
€330 per module, plus an annual study fee of €80.
Summer Trimester
Closing date: 14 July 2023
For people who are interested in...
• Becoming a fully qualified QFA
• Advising on Pensions, Consumer Credit, Life Assurance, and/or Stock Broking
• In Retail Banking, Credit Unions, FinTech Payments, or as a broker
How you will benefit
On successful completion of this programme and on attaining the recognised professional QFA designation, you will be able to:
• Provide competent advice to consumers regarding the various loan offerings available, the process involved and the implications of these offerings to consumers
• Discuss the need for, and types of, retirement provision available and the regulation and restrictions on such provision
• Describe relevant regulation that is used in the provision of financial services and the impact it has in this environment
• Explain the types of investment needs of consumers and the important issues arising as a result of these needs
• Provide competent advice to a consumer regarding their life assurance needs and the implications of decisions they may make
• Use analytical skills to make recommendations to clients regarding financial planning.
Minimum Competency Code
Holders of the Professional Diploma in Financial Advice are invited to apply for the Qualified Financial Adviser (QFA) designation thereby meeting the Central Bank of Ireland’s Minimum Competency Code for those who wish to arrange, advise on, or undertake specified functions for the following five categories of retail financial products:
• Life Assurance
• Pensions
• Savings and Investments
• Housing Loans, Home Reversion Agreements and Associated Insurances
• Consumer Credit Agreements and Associated Insurances.
Continued use of the QFA designation is subject to meeting annual CPD requirements. The QFA designation is overseen by the QFA Board, which includes representatives from IOB, the Insurance Institute and LIA.
Continuous Professional Development
If you hold an IOB designation or a designation managed by IOB, CPD hours may be awarded on successful completion of this programme.
Modules and learning outcomes
To enrol for Financial Planning, candidates must be enrolled for, passed or be exempt from the first five modules: Regulation, Life Assurance, Loans, Investment and Pensions.
QFA Regulation (NFQ Level 7, 5 ECTS)
Identify the different forms of Regulation, relating to financial service providers, and the main regulatory bodies in Ireland and their functions. Discuss the range of regulatory rules that apply to intermediaries and/or product providers in their dealings with clients. Describe the impact of legislation relating to consumer protection, money laundering, distance marketing, data protection & privacy, Investor compensation, unfair terms in consumer contracts and tax evasion. Explain the functions and powers of the Financial Services Ombudsman and the Pension Ombudsman.
QFA Investment (NFQ Level 7, 5 ECTS)
Discuss the operation of the financial services markets and the impact of government economic and monetary policy on Investments. Describe the features, benefits, limitations and risks associated with the different classes of investment assets available within the Industry. Identify and discuss the basic investment principals. Demonstrate the knowledge and understanding of investments required to effectively advise clients.
QFA Life Assurance (NFQ Level 7, 5 ECTS)
Describe the main life assurance needs of the consumer at all life stages. Explain the main features, benefits, limitations and risks of different types of life protection policies. Detail the issues involved in starting a policy and in paying out benefits. Identify the constituents in a valid will and know the impact of the Succession Act. Discuss financial mathematics principles that underpin personal life assurance and pension products, and perform related calculations.
QFA Loans (NFQ Level 7, 5 ECTS)
Describe the personal financial need for a loan, and the different ways in which such a need can be met by different types of loans and consumer credit on offer. Explain the features, benefits, limitations, security requirements and taxation treatment of consumer loans and credit arrangements, and their associated insurances. Discuss and demonstrate the impact of regulation on the provision of housing loans and different forms of consumer credit. Detail the steps and documentation involved in obtaining a housing loan and evaluate and recommend an appropriate housing loan option from those on offer. Identify the issues and processes involved in debt restructuring and equity release and describe the process and protocols to be adopted for the recovery of loan arrears.
QFA Pensions (NFQ Level 7, 5 ECTS)
Explain the need for retirement provision. Describe the taxation, legislation and regulatory framework for pensions. Identify the features, benefits and risks of pension product options available to clients. Display the skills and competencies required to effectively advise clients in all areas of Pensions.
QFA Financial Planning (NFQ Level 7, 5 ECTS)
Analyse and appraise a clients’ financial needs and attitude to risk. Critically evaluate different financial products offerings and assess their relevance in structuring a financial portfolio that fulfils your clients’ needs. Make an investment recommendation for a client on the basis of having assessed their needs, attitude to risk and match these against product offerings. Prepare a detailed client financial review with regard to their life stage, personal circumstances, needs and attitude to risk.
Assessment
• Two-hour exams for each module at the end of the trimester
• For the modules Regulation, Life Assurance, Loans, Investment and Pensions, the exam consists of 100 multiple choice questions. For the Financial Planning module, the exam consists of written case study and essay style questions.
Award
• Professional Diploma in Financial Advice from UCD
• This is a level 7 qualification on the National Framework of Qualifications and carries 30 ECTS
• Invite to the Qualified Financial Adviser designation
Desginations
Once members have successfully completed the six Financial Advice modules, they will receive an invitation for the Qualified Financial Adviser Designation.
QFA designates with IOB can now be granted the European Financial Advisor™ designation.
Minimum competency code
Central Bank of Ireland’s Minimum Competency Code requires the QFA designation for those who wish to arrange, advise on, or undertake specified functions for the following five categories of retail financial products:
• Life Assurance
• Pensions
• Savings and Investments
• Housing Loans, Home Reversion Agreements and Associated Insurances
• Consumer Credit Agreements and Associated Insurances.
Maintaining a designation
Continued use of the QFA designation is subject to meeting annual CPD requirements. The QFA designation is overseen by the QFA Board, which includes representatives from IOB, the Insurance Institute and LIA.
For more information please contact education@iob.ie
Institute of Banking
Email: info@iob.ie
Phone: +353 (0)1 6116500
Fax: +353 (0)1 6116565