LIBF’s revamped DipFA goes ‘on demand’ – with final exam replaced by practical coursework

16 January, 2024

LIBF has today (15 Jan) launched its highly anticipated revamped Level 4 Diploma for Financial Advisers (DipFA) – with the new qualification now open for registrations.

For the first time budding advisers can study this regulated qualification when and how it suits them (‘on demand’). Learners can also study modules in any order and pay by module – enabling them to fit study around their other commitments and spread the cost.

The modules are each assessed by a multiple-choice exam, to check students’ knowledge as they progress through the course. The final course assessment, however, is no longer made by 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 LIBF, says:

“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.

“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 LIBF’s website or via one of its accredited partners.

About the Diploma for Financial Advisers (DipFA)

The DipFA is the minimum level qualification advisers need to become a financial adviser, as set out by the Financial Conduct Authority (FCA). It 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.


  • 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.