Initiative to open Latin America through International Qualification

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In a bid to open up the Latin American market to Spanish speaking Independent Financial Advisers (IFAs), the Securities & Investment Institute (SII) is developing an international qualification.

This development is thanks to a new partnership with a Spanish educational centre. The Madrid ““ based Instituto Financiero ANAF (I.F.A) will assist in the preparation and promotion of the International Certificate in Financial Advice (ICFA) as developed by the SII to build on the skills of financial advisers working in Spain and in the Spanish speaking market.

The Qualification

The ICFA qualification will be assessed in both Spanish and English. The qualification will consist of a two hour paper comprising some 100 multiple choice questions. This will be made available to candidates via Computer Based Testing (CBT), in either Spain or in the UK. It aims to test and develop the core principles of financial advice and planning, including an understanding of the key Exchanges and the procedures therein.

The ICFA will be made available to anyone interested in taking a financial advice qualification in either English or in Spanish. The English language ICFA is available already, with the Spanish language version to be implemented and available from March 2006. The Qualification will provide training and education in areas such as giving financial advice, identifying a client’s requirements, awareness and knowledge of the key features of the financial markets, assets and products, a broad understanding of financial planning and taxes, and matching a product to the client’s requirements.

First Round of Examinations

The first round of Spanish language examinations is expected to happen in early July 2006. A number of prestigious institutions across Spain have made available their facilities, which will permit candidates to attend face ““ to ““ face tutorials. Upon the successful completion of the examination, the candidates will be awarded the SII ICFA certificate.

In a further development, the I.F.A and the SII are in discussion to develop an advanced examination testing candidates” application skills. It is hoped that this will reflect the current legislative and tax environment of Spain. Initially this paper will only be available to Spanish speaking candidates in Spain. Successful candidates would then receive the Advanced Certificate in Financial Advice (Spain).

Jethro Marsh

React to international financial training in the FE Blog

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