The DipFA is the minimum level qualification needed to become a financial adviser, as set out by the FCA.

The changes by the professional body mean budding advisers can study the regulated qualification on demand, when and how it suits them.

Learners can also study modules in any order and pay by module – allowing them to fit study around other commitments and spread the cost.

The modules are each assessed through a multiple-choice exam.

The final course assessment, however, is no longer via a formal exam. Now, students undertake a coursework project to ensure they can apply their learning in true-to-life, practical scenarios.

Main changes at a glance:

• Study is online, on-demand.
• Final exam replaced by practical coursework.
• Learning replicates the real-life activities that advisers undertake.
• Modules can be done in any order.
• Learners can pay by module – no need to pay everything up front.

John Somerville, director of financial services, professional education, at the LIBF, said: “We’ve consulted extensively with the adviser community to help us create a refreshed qualification that meets the needs of this fast-moving industry – now and for the future.

“We’ve listened to what the sector wants – in particular, to move away from formal exams and focus on the on-going assessments that really test the skills and knowledge advisers need to be successful for clients and companies.”

He said the refreshed DipFA is “more flexible, more accessible and enables advisers to immediately use what they’re learning in the workplace – building on what was already a more practical approach.”

Learners can register on the LIBF’s website.

The DipFA covers:

• The purpose and structure of the UK financial services industry.
• The Financial Conduct Authority’s (FCA) main aims, and the rules and regulations that apply to financial advice.
• The different risks that might affect customers’ financial needs, including both economic and personal.
• The potential solutions for the main areas of financial advice.
• How to source and analyse client data.
• How to create, implement and maintain financial plans.
• How to formulate and communicate financial advice.

Regulation:

• Registered with Ofqual in the Regulated Qualifications Framework (RQF).
• Meets the Financial Conduct Authority's (FCA) examination standards.
• Appears in the Financial Adviser apprenticeship standard.

LIBF was acquired by German educational technology provider IU Group for an undisclosed sum last March.