7. Training and Competence.

Training and Competence Sourcebook. It sets out the FCA’s requirements to...

... FCA’s requirements to all staff

FCA Handbook and the PRA Rule Book deal with...?

... senior management arrangements and systems and controls (SYSC).

Assessment. TC Sourcebook requires that firms do not deem an employee competent to carry on any of a specified range of activities until...

... that employee has DEMONSTRATED the necessary competence to do so | and has passed each module of an appropriate EXAMINATION.

The Requirements for Retail Firms:

Assessment, | Supervision, | Supervisors.

Supervision. The Sourcebook states that the FCA expects that the level and intensity of that supervision will be significantly greater in the period ...?

before a firm has assessed its employee as competent, than after.

Supervisors. the Sourcebook states that firms should consider whether it is appropriate to require...

to pass an appropriate examination,

TC Sourcebook states that firms must not allow their employees to undertake any of the following ADVISING ACTIVITIES unless they have passed each module of an appropriate qualification:

Dealing, | Broker fund, | Lloyd’s, | Pension transfer.

TC Sourcebook, for which activity does the requirement to have passed each module of an appropriate qualification apply?

investments which are PACKAGED PRODUCTS.

Exemptions from the TC Sourcebook exams. The conditions are that the firm must be satisfied that the employee has at least three years relevant experience, which...

which they gained while employed outside the UK

Activities to which the TC Rules Apply:

Designated investment business carried out for a retail client*| | | | |. | Regulated mortgage activity. | Non-investment insurance business.

SPS confirms that an adviser completed a Qualification and Credit Framework (QCF) Level __ qualification.

Level 4 qualification

Under the Adviser Charging rules, individuals wishing to operate as a retail investment adviser must be in possession of a valid...?

Statement of Professional Standing (SPS)

SPS confirms that an adviser completed an annual programme of __ hours of continuing professional development (CPD).

35 hours

SPSs. The qualification requirements apply to individuals carrying out one or more of regulated activities, advising on products such as...?

Packaged products, | Derivatives, | Friendly society.

SPS will contain: the adviser’s name, | accredited body details, | verification date, | declaration, | reference number, | and recommendation that...

that the reader should check that the adviser is on the FCA Register.

The PRA-specific threshold conditions apply to what kind of organizations?

banks, building societies, credit unions

Which Threshold Condition is particulary rigorous?

Business Model Threshold analysis.

FCA assesses applicants only for conduct issues, for dual-regulated firms, the PRA assessing prudential issues. For solo regulated firms, FCA will...?

will assess both conduct and prudential issues.

The Threshold Conditions (TCs) are...?

... the minimum standards expected of authorised persons being authorised.

When the Authorisation Process is simplified?

When authorised firm that was previously unincorporated decides to incorporate.