A Guide to R01

A Guide to R01
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The Certificate of Mortgage Advice is a Level 3 qualification offered by the CII that meets the FCA’s requirements for Mortgage Advisors to offer professional advice. It is an alternative to the CeMAP qualification offered by the LIBF and upon completion, learners will be able to provide professional Mortgage Advice in the UK and use the Cert CII (MP) designation in their name. 

The Certificate of Mortgage Advice qualification has one compulsory unit that learners must complete, CF6 worth 20 credits. Candidates then have the option to complete either unit CF1, worth 15 credits or unit R01, worth 20 credits.

The Financial Services, Regulations and Ethics (R01) unit develops your knowledge and understanding of the financial services profession, including regulation, legislation, and the Code of Ethics.

Learners will begin by exploring the purpose and structure of the UK financial services, how it operates in the UK and in a European and global context.  

R01 explores the laws and legal concepts relevant to financial advice and the regulation of financial services. This includes the Financial Services Act of 2012, as well as the role and responsibilities of the Financial Conduct Authority with regards to regulation, the principles and rules in the regulatory framework, and how to apply the regulatory framework in practice for the consumer.

Next, learners will explore client advising skills, including communicating, gathering information, assessment and analysis, conclusions, and recommendations. Lastly, you will explore the financial regulators’ use of principles and outcomes-based regulation in order to promote fair and ethical outcomes, as well as how to apply the Code of Ethics and professional standards to business behaviours of individuals.

Reading through the syllabus is a great way to ensure you are fully familiar with what the R01 unit covers. You can find it here.

For standard enrolment, R01 costs £311.00 for Members and £423.00 for Non-Members. However, prices can vary depending on changes made to the enrolment preferences. For example, choosing Enrolment Only reduces the cost to £222.00 for Members and £317.00 for Non-Members. 

The R01 is assessed via a multiple-choice exam, and it is recommended that learners spend 60 hours minimum studying prior to attempting the exam. Candidates will have 2 hours to complete 100 multiple-choice questions: 87 standard format and 13 multiple response format.  

For sections of the course content that focus on taxation, the CII upholds the general rule that the new tax year and changes from the Finance Act will be examined from the 1st September each year. Changes unrelated to the Finance Act will not be examined earlier than 3 months after they come into effect.

It is key for learners to be aware that the questions in the examination test generic product knowledge. When preparing, it is recommended that candidates ensure they are aware of what typically constitutes each type of product on the syllabus. They should also be able to determine whether the products they may come in contact with during normal working deviate from the usual or expected.

For more, detailed information about the R01 assessment, have a read of the CII assessment information guide. The CII also has a general assessment guide on their website to help learners prepare.

Since the R01 is assessed through a multiple-choice exam, it is important you have a good strategy in place for studying and to tackle the exam.

  • Read the questions carefully – Before trying to answer a question, make sure you are clear on what exactly it is asking.

  • Think of an answer before looking at the options – Thinking of your own answer first will help you identify what option is correct. Compare what you think to the choices available and pay close attention for similar ideas and terms.

  • Process of elimination – Read through the answer options and eliminate any that you think are incorrect or unrelated. If you are choosing between the remaining options, re-read the question, think of your initial answer, or even restart the elimination process again if you are still struggling.

  • Answer everything – If there are questions you are usure of, skip them and come back later.  Your brain will continue to mull over the answer as you tackle the other questions, possibly making the questions easier to answer when you come back to them. If you reach the end and are still not sure, make an educated guess. You could still get marks.

  • Manage your time effectively – Carefully allocate your time to ensure you are able to address every question. It is also wise to leave yourself some extra time to review your answers if you are able to.
Person taking a multiple choice test

Your study technique should be tailored to help you prepare for the multiple-choice exam. Ensuring you understand the course content in depth will be key to memorising all the information required to succeed in your exam. Start studying as soon as possible to give yourself adequate time to work through all of the content and allow for particular attention to any areas you struggle with or are unsure of.

  • Memorising the content – Make use of revision techniques that help you to memorise information. Divide the course content into easily consumed chunks to help you retain the information better. Activities like flashcards are a good way to test your knowledge and identify the areas you still need to address.

  • Practice Questions – Completing practice assessments is a highly successful revision activity for preparing for a multiple-choice question. You can find free practice questions in the CII examination guide for R01 or many independent providers offer practice papers and mock questions.

  • CII Study Materials – The CII has many revision tools for learners to purchase. This includes a key facts booklet, audio revision guide, knowledge checker, and access to e-learning materials. These may come free with the course depending on what enrolment option you choose, so ensure you do not already have access to these resources before looking to purchase!

The Certificate of Mortgage Advice is a great qualification for anyone seeking to begin a career in Mortgage Advice. The R01 is particularly well suited for Paraplanners, Technical Consultants, and those in Financial Planning Support roles.

We have a wide range of roles available to help new Mortgage Advisors break into the industry. If you are looking for your first role in Mortgage Advice, why not take a look at the Mortgage Advisor roles we have available on our website!