Plans to create a new CISI Level 4 Financial Planning qualification will be rolled out through a pilot during the first quarter of 2016.

Alan Dick CFPCM Chartered MCSI, chairman of the newly established IFP Professional Forum Committee, hopes the new qualification will be fully live by mid-2016. Those wishing to become a CFPCM professional currently have to take a Level 4 certificate with another body to start the process.

Mr Dick believes this has been a key reason why the progress in CFP numbers has disappointed up until now.

Mr Dick said: “I think this (new qualification) is critical, we want to grow the profession of Financial Planning, it’s not about being an events body or a set of branch meetings.

“If we are going to grow it for future we need new blood coming in. It might be existing Paraplanners, advisers, or completely new blood out of university or school.

“It might be existing Paraplanners, advisers, or completely new blood out of university or school. At the moment I don’t believe there’s a way to do that. This new Level 4 qualification will mean we don’t have to keep sending people away from us just to get to the starting line.”

In his column in sister publication Financial Planner magazine Mr Dick also called for CISI members to help develop the new qualification.

He told them: “One of the first major projects is to launch the Level 4 Financial Planning exam as quickly as possible.

“We need members’ help to ensure that the content and learning materials are the very best available, so that we test students on the most important knowledge to be a well rounded Financial Planning professional of the future and not simply delivering yet another financial advice exam.”