Paraplanner and financial planner

This document explains the requirements for end-point assessment (EPA) for the paraplanner and financial planner apprenticeship. This apprenticeship has an integrated qualification which means both the qualification and apprenticeship need to be completed, passed and awarded during the same period.

The awarding body (AB) is accountable for the integrated assessment method. The end-point assessment organisation (EPAO) must take responsibility for all other assessment methods in the EPA. EPAOs and ABs must work collaboratively to manage the delivery of the EPA.

Paraplanner and financial planner apprentices, their employers, training providers, and other interested parties should read this document.

This is a core and options apprenticeship. An apprentice must be trained and assessed against the core and one option. The options are:

• Paraplanner

• Financial Planner

A full-time paraplanner and financial planner apprentice typically spends 24 months on-programme. The apprentice must spend at least 12 months on-programme and complete the required amount of off-the-job training in line with the apprenticeship funding rules.

The EPA should be completed within an EPA period lasting typically 5 months.

The apprentice must complete their training and meet the gateway requirements before starting their EPA. The EPA will assess occupational competence.

The EPA is taken in the EPA period. The EPA period starts when the EPAO confirms the gateway requirements have been met and is typically 5 months, subject to the availability of case study assessment opportunities. However, apprentices can complete their apprenticeship sooner than the typical 5 months, as long as they have attempted and passed all required elements of the EPA plan.

The EPAO should confirm the gateway requirements have been met and start the EPA as quickly as possible.

The apprentice’s employer must be content that the apprentice is occupationally competent. That is, they are deemed to be working at or above the level set out in the apprenticeship standard and ready to undertake the EPA. The employer may take advice from the apprentice's training provider, but the employer must make the decision. The apprentice will then enter the gateway.

The apprentice must meet the gateway requirements before starting their EPA.

They must:

• confirm they are ready to take the EPA
• have achieved English and mathematics qualifications in line with the apprenticeship funding rules
• have completed and passed all requirements of one of the qualifications listed in the occupational standard except their final exam (see Knowledge test requirements below for more detail)

• submit a portfolio of evidence for the professional discussion underpinned by a portfolio of evidence

Portfolio of evidence requirements

The apprentice must compile a portfolio of evidence during the on-programme period of the apprenticeship. It should only contain evidence related to the KSBs that will be assessed by the professional discussion. It will typically contain 20 discrete pieces of evidence. Evidence must be mapped against the KSBs. Evidence may be used to demonstrate more than one KSB; a qualitative as opposed to quantitative approach is suggested.

Evidence sources may include workplace documentation and records, for example:

• workplace policies and procedures
• witness statements
• annotated photographs
• video clips with a maximum total duration 10 minutes; the apprentice must be in view and identifiable

This is not a definitive list and other evidence sources can be included.

The portfolio of evidence should not include reflective accounts or any methods of self-assessment. Any employer contributions should focus on direct observation of performance, for example, witness statements, rather than opinions. The evidence provided should be valid and attributable to the apprentice; the portfolio of evidence should contain a statement from the employer and apprentice confirming this.

The EPAO should not assess the portfolio of evidence directly as it underpins the professional discussion. The independent assessor should review the portfolio of evidence to prepare questions for the professional discussion. They are not required to provide feedback after this review.

Knowledge test requirements

This is an integrated assessment method and forms part of the apprenticeship’s EPA, as well as the awarding of the qualification.

The apprentice can only attempt this assessment method after gateway and after they have attempted the professional discussion and case study with questions and answers.

For this assessment method, the apprentice will complete the final exam for their chosen qualification. The final exam for each qualification is:

• CII Diploma in Regulated Financial Planning – Unit R01: Financial Services, Regulation and Ethics

• CISI Diploma in Investment Advice – Core Unit: UK Regulation and Professional Integrity

• LIBF Diploma for Financial Advisers – Module 1, Unit 2: Financial Services Regulation and Ethics (FRE2)

At gateway, the EPAO must check that the apprentice has not achieved the full qualification on-programme prior to gateway. The EPAO must check that the apprentice has achieved the required pre-requisites for gateway entry.

If the apprentice has achieved any of the units above prior to starting the apprenticeship, this would not exclude them from undertaking the apprenticeship, but it may be considered as prior learning. The EPAO should be notified at gateway if an apprentice has already achieved one of these units prior to starting the apprenticeship. Any individual who believes they have prior learning is advised to check their eligibility to undertake this apprenticeship by checking the guidance in the apprenticeship funding rules.

The EPAO determines when all gateway requirements have been met, and the EPA period will only start once the EPAO has confirmed this.

Gateway evidence must be submitted to the EPAO, along with any organisation specific policies and procedures requested by the EPAO.

The integrated assessment method must be delivered after non-integrated assessment methods have been attempted. This means that the professional discussion and case study with questions and answers must have been attempted before the knowledge test can be delivered.

This ordering of assessment methods ensures that the mandated qualification and apprenticeship are awarded together. 

Overview

In the professional discussion, an independent assessor and apprentice have a formal two-way conversation. It gives the apprentice the opportunity to demonstrate the KSBs mapped to this assessment method.

Rationale

This assessment method is being used because:

• it assesses KSBs holistically and objectively
• it allows for the assessment of KSBs that do not occur on a predictable or regular basis
• it allows for assessment of responses where there may be a range of potential answers
• it can be conducted remotely, potentially reducing cost

reduces the assessment burden on the apprentice

Delivery

The professional discussion must be structured to give the apprentice the opportunity to demonstrate the KSBs mapped to this assessment method to the highest available grade.

An independent assessor must conduct and assess the professional discussion.

The purpose of the independent assessor’s questions will be to assess the apprentice’s competence against the following themes:

• The financial services market
• Systems and processes
• Service delivery
• Communication and collaboration skills
• Continuous Professional Development (CPD)
• Product analysis and service support (paraplanner option only)
• Products and financial planning tools (financial planner option only)

The EPAO must give an apprentice at least 10 working days' notice of the professional discussion. The independent assessor must have at least 10 working days to review the supporting documentation.

The independent assessor must have at least 10 working days to review the supporting documentation.

The apprentice must have access to their portfolio of evidence during the professional discussion.

The apprentice can refer to and illustrate their answers with evidence from their portfolio of evidence however, the portfolio of evidence is not directly assessed.

The professional discussion must last for 60 minutes. The independent assessor can increase the time of the professional discussion by up to 10%. This time is to allow the apprentice to respond to a question if necessary.

The independent assessor must ask at least 6 questions. The independent assessor must use the questions from the EPAO’s question bank or create their own questions in line with the EPAO’s training. Follow-up questions are allowed where clarification is required.

The apprentice may choose to end the assessment method early. The apprentice must be confident they have demonstrated competence against the assessment requirements for the assessment method. The independent assessor or EPAO must ensure the apprentice is fully aware of all assessment requirements. The independent assessor or EPAO cannot suggest or choose to end the assessment methods early, unless in an emergency. The EPAO is responsible for ensuring the apprentice understands the implications of ending an assessment early if they choose to do so. The independent assessor may suggest the assessment continues. The independent assessor must document the apprentice’s request to end the assessment early.

The independent assessor must make the grading decision.

The independent assessor must keep accurate records of the assessment. They must record:

• the apprentice’s answers to questions
• the KSBs demonstrated in answers to questions
• the grade achieved

Assessment location

The professional discussion must take place in a suitable venue selected by the EPAO for example, the EPAO’s or employer’s premises.

The professional discussion can be conducted by video conferencing. The EPAO must have processes in place to verify the identity of the apprentice and ensure the apprentice is not being aided.

The professional discussion should take place in a quiet room, free from distractions and influence.

Question and resource development

The EPAO must develop a purpose-built assessment specification and question bank. It is recommended this is done in consultation with employers of this occupation. The EPAO must maintain the security and confidentiality of EPA materials when consulting with employers. The assessment specification and question bank must be reviewed at least once a year to ensure they remain fit-for-purpose.

The assessment specification must be relevant to the occupation and demonstrate how to assess the KSBs mapped to this assessment method. The EPAO must ensure that questions are refined and developed to a high standard. The questions must be unpredictable. A question bank of sufficient size will support this.

The EPAO must ensure that the apprentice has a different set of questions in the case of re-sits or re-takes.

The EPAO must produce the following materials to support the professional discussion underpinned by a portfolio of evidence:

• independent assessor assessment materials which include:
  • training materials
  • administration materials
  • moderation and standardisation materials
  • guidance materials
  • grading guidance
  • question bank
• EPA guidance for the apprentice and the employer

The EPAO must ensure that the EPA materials are subject to quality assurance procedures including standardisation and moderation.

Overview

The case study assessment method involves the apprentice completing a set of questions based on a pre-seen scenario outlining the financial needs and objectives of a fictitious client. This process may include for example, research, analysis and the completion of tasks or activities to achieve the outcome and required output. The scenario created for the case study must be relevant to the apprentice’s occupation and apprenticeship and provide opportunity for the apprentice to demonstrate the knowledge and skills mapped to this assessment method.

This assessment method has 2 components:

• a financial report based on information in the case study

• a question-and-answer session

Together, these components give the apprentice the opportunity to demonstrate the knowledge and skills mapped to this assessment method. They are assessed by an independent assessor.

Rationale

This assessment method is being used because:

• it assesses understanding of a subject
• it allows for a broad set of knowledge and skills to be evidenced during the post-gateway period and assessed holistically
• setting the case study scenario post-gateway ensures the reliability and validity of the EPA, and allows the independent assessor to prepare appropriate questions pertinent to the scenario
• the case study can be used to demonstrate the application of knowledge and skills as they would occur in occupational practice. Producing case study responses in the form of financial advice reflects normal practice in the workplace for a paraplanner or financial planner, therefore this assessment method is appropriate for both roles
• it provides the opportunity to use authentic workplace contexts, which increases assessment validity in relation to both occupational roles
• it allows the apprentice to directly demonstrate knowledge and skills relating to communication and presentation of information
• it allows for the presentation of evidence and testing of responses where there may be a range of potential answers
• it can be conducted remotely, potentially reducing cost

Delivery

The apprentice must complete a financial report based on a case study scenario outlining the advice needs of a fictitious client.

The EPAO must provide a case study assessment method specification. It must detail how a case study can enable an apprentice to meet the knowledge and skills mapped to this assessment method to the highest available grade. The EPAO must also provide an example case study and financial report.

The case study output must be in the form of a written financial report and question-and-answer session.

The apprentice must start the case study after the gateway when the scenario is released by the EPAO. The employer should ensure the apprentice has the time and resources, within the case study period, to plan and complete their financial report and prepare for the question-and-answer session.

The apprentice may consult with internal colleagues or technical experts when analysing the information in the case study scenario and researching appropriate solutions. The apprentice must however, complete their financial report unaided and it must be reflective of their own role and contribution. The apprentice and their employer must confirm this when the case study financial report is submitted.

Component 1: Financial report

The financial report must include evidence for knowledge and skills mapped to this assessment method that cannot be demonstrated in the question-and-answer session. The apprentice should aim to evidence the majority of the knowledge and skills mapped to this assessment method in their financial report.

The financial report must have a word count of 2500 words. A tolerance of 10% above or below the word count is allowed at the apprentice's discretion. Appendices, references and diagrams are not included in this total. The apprentice must produce and include a mapping in an appendix, showing how the report evidences the knowledge and skills mapped to this assessment method.

The apprentice must complete and submit the financial report to the EPAO within 2 weeks of the case study scenario being released.

Component 2: Question-and-answer session

The question-and-answer session must be structured to give the apprentice the opportunity to demonstrate the knowledge and skills mapped to this assessment method to the highest available grade.

The apprentice must be questioned about their case study financial report and any remaining knowledge and skills that were not evidenced in the report.

The question-and-answer session must last for 45 minutes. The independent assessor must use the full time available for questioning. The independent assessor can increase the total time by up to 10%. This time is to allow the apprentice to respond to a question if necessary.

The independent assessor must ask at least 5 questions. They must use the questions from the EPAO’s question bank or create their own questions in line with the EPAO’s training. Follow up questions are allowed where clarification is required.

The purpose of the independent assessor's questions is:

• to verify that the activity was completed by the apprentice
• to seek clarification where required
• to assess any knowledge or skills that the apprentice did not have the opportunity to demonstrate with the financial report, although these should be kept to a minimum
• to assess level of competence against the grading descriptors

The independent assessor must have at least 10 working days to review the financial report before the question-and-answer session, to allow them to prepare questions.

The apprentice must be given at least 10 working days' notice of the question-and-answer session.

The apprentice may choose to end the question-and-answer session early. The apprentice must be confident they have demonstrated competence against the assessment requirements for the assessment method. The independent assessor or EPAO must ensure the apprentice is fully aware of all assessment requirements. The independent assessor or EPAO cannot suggest or choose to end any assessment methods early, unless in an emergency. The EPAO is responsible for ensuring the apprentice understands the implications of ending an assessment early if they choose to do so. The independent assessor may suggest the assessment continues. The independent assessor must document the apprentice’s request to end the assessment early.

Assessment decision

The independent assessor must make the grading decision. They must assess the case study components holistically when deciding the grade.

The independent assessor must keep accurate records of the assessment. They must record:

• the knowledge and skills demonstrated in the financial report and question and answer session
• the apprentice’s answers to questions
• the grade achieved

Assessment location

The question-and-answer session must take place in a suitable venue selected by the EPAO for example, the EPAO’s or employer’s premises. It should take place in a quiet room that is free from distractions and influence.

The question-and-answer session can be conducted by video conferencing. The EPAO must have processes in place to verify the identity of the apprentice and ensure the apprentice is not being aided.

Question and resource development

The EPAO must develop a purpose-built assessment specification and question bank. It is recommended this is created in consultation with employers of the occupation. The EPAO must maintain the security and confidentiality of EPA materials when consulting with employers. The assessment specification and question bank must be reviewed at least once a year to ensure they remain fit-for-purpose.

The assessment specification must be relevant to the occupation and demonstrate how to assess the knowledge and skills mapped to this assessment method. The EPAO must ensure that questions are refined and developed to a high standard. The questions must be unpredictable. A question bank of sufficient size will support this.

The EPAO must ensure that the apprentice has a different set of questions in the case of re-sits or re-takes.

The EPAO must produce the following materials to support the project:

• independent assessor EPA materials which include:
  • training materials
  • administration materials
  • moderation and standardisation materials
  • guidance materials
  • grading guidance
  • case study assessment specification
  • sample case study assessments and mark schemes
  • live case study assessments and mark schemes
  • a question bank
• EPA guidance for the apprentice and the employer

The EPAO must ensure that the EPA materials are subject to quality assurance procedures, including standardisation and moderation.

This is an integrated assessment method and forms part of the apprenticeship’s EPA, as well as the awarding of the qualification.

The knowledge statements aligned to this method will be assessed and graded by an awarding body (AB), and will contribute to the overall outcome of the apprenticeship and the qualification.

This assessment method can only be delivered after the professional discussion and case study with questions and answers have been attempted.

Overview

In the knowledge test, the apprentice answers questions in a controlled and invigilated environment. It gives the apprentice the opportunity to demonstrate the knowledge mapped to this assessment method.

Rationale

This assessment method is being used because:

• it assesses knowledge relevant to the mandated qualification the apprentice must complete
• it can be conducted remotely and administered to multiple apprentices at the same time, potentially reducing cost

• it reduces the assessment burden on the apprentice

Delivery

The knowledge test must be structured to give the apprentice the opportunity to demonstrate the knowledge mapped to this assessment method. The delivery of the test must align with the conditions set out by the AB for the integrated qualification. The test can be computer or paper based. The apprentice must be given notice of the date and time of the test.

Test administration

The test must be taken in the presence of an invigilator who is the responsibility of the AB.

The AB must have an invigilation policy setting out how the test must be conducted. It must state the ratio of apprentices to invigilators for the setting and allow the test to take place in a secure way.

The AB is responsible for the security of the test including the arrangements for on-line testing. The AB must ensure that their security arrangements maintain the validity and reliability of the test.

Marking

The responsibility for the marking of the test is with the AB. They must produce a marking scheme to be followed. Marking by computer is allowed where question types support this.

The AB is responsible for overseeing the marking, standardisation and moderation of the test.

Assessment location

The apprentice must take the test in a suitably controlled and invigilated environment that is a quiet room, free from distractions and influence. The AB must check the venue is suitable.

Question and resource development

The AB must develop a purpose-built assessment specification and question bank. It is recommended this is done in consultation with employers or subject matter experts for this occupation. The AB should maintain the security and confidentiality of EPA materials when consulting with employers. The assessment specification and question bank must be reviewed to ensure they remain fit-for-purpose.

The assessment specification must be relevant to the occupation and demonstrate how to assess the KSBs mapped to this assessment method. The AB must ensure that questions are refined and developed to a high standard. The questions must be unpredictable. A question bank of sufficient size will support this.

The AB must ensure that apprentice has a different set of questions in the case of re-sits or re-takes.

The AB must produce the following materials to support this assessment method:

• administration materials
• moderation and standardisation materials
• guidance materials
• grading guidance
• test specification
• sample test and mark schemes
• live tests and mark schemes
• a question bank

The AB must ensure that the materials are subject to quality assurance procedures, including standardisation and moderation.

Performance in the EPA determines the overall grade of:

• fail

• pass

• merit

• distinction

An independent assessor must individually grade the

• Knowledge test - integrated

The EPAO must combine the individual assessment method grades to determine the overall EPA grade.

If the apprentice fails one assessment method or more, they will be awarded an overall fail.

To achieve an overall pass, the apprentice must achieve at least a pass in all the assessment methods. To achieve an overall EPA ‘merit,’ the apprentice must achieve a pass in one of the assessment methods and a distinction in the other. To achieve an overall EPA ‘distinction’, apprentices must achieve a distinction in both assessment methods

Awarding bodies should make clear in their marking criteria which grade boundary for the integrated assessment method represents a pass grade for the EPA. This pass grade must reflect demonstration of occupational competence in the KSBs.

Grades from individual assessment methods must be combined in the following way to determine the grade of the EPA overall.

If the apprentice fails one assessment method or more, they can take a re-sit or a re-take at their employer’s discretion. The apprentice’s employer needs to agree that a re-sit or re-take is appropriate. A re-sit does not need further learning, whereas a re-take does. The apprentice should have a supportive action plan to prepare for a re-sit or a re-take.

The employer and the EPAO should agree the timescale for a re-sit or re-take. A re-sit is typically taken within 3 months of the EPA outcome notification. The timescale for a re-take is dependent on how much re-training is required and is typically taken within 4 months of the EPA outcome notification.

If the apprentice fails the case study, they must amend the assignment in line with the independent assessor’s feedback. The apprentice will be given 2 weeks to rework and submit the amended case study financial report.

Non-integrated assessment methods must be attempted before the integrated assessment method is attempted. The re-sit or re-take opportunities for the integrated assessment method must fall within the typical EPA period timeframes. This is to ensure that apprentices are not disadvantaged by the assessment of qualifications being available within an assessment window occurring once a year.

Failed assessment methods must be re-sat or re-taken within a 6-month period from the EPA outcome notification, otherwise the entire EPA will need to be re-sat or re-taken in full.

Re-sits and re-takes are not offered to an apprentice wishing to move from pass to a higher grade.

The apprentice will get a maximum EPA grade ofif pass they need to re-sit or re-take one or more assessment methods, unless the EPAO determines there are exceptional circumstances.

Reasonable adjustments

The EPAO and AB must have reasonable adjustments arrangements for the EPA.

This should include:

• how an apprentice qualifies for a reasonable adjustment
• what reasonable adjustments may be made

Adjustments must maintain the validity, reliability and integrity of the EPA as outlined in this EPA plan.

Special considerations

The EPAO and AB must have special consideration arrangements for the EPA.

This should include:

• how an apprentice qualifies for a special consideration
• what special considerations will be given

Special considerations must maintain the validity, reliability and integrity of the EPA as outlined in this EPA plan.

Internal quality assurance refers to the strategies, policies and procedures that an EPAO and AB must have in place to ensure valid, consistent and reliable end-point assessment decisions.

EPAOs and ABs for this end-point assessment plan must adhere to the requirements within the roles and responsibilities table.

They must also appoint independent assessors who:

• have recent relevant experience of the occupation or sector to at least occupational level 4 gained in the last 5 years or significant experience of the occupation or sector

Affordability of the EPA will be aided by using at least some of the following:

• completing applicable assessment methods online, for example computer-based assessment

• utilising digital remote platforms to conduct applicable assessment methods

• using the employer’s premises

• conducting assessment methods on the same day

This apprenticeship aligns with:

• Chartered Insurance Institute for Level 4

• Chartered Institute for Securities and Investment for Level 4

• The London Institute of Banking & Finance for Level 4