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Training and Competence Sourcebook. It sets out the FCA’s requirements to... Lernen beginnen
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... FCA’s requirements to all staff It includes rules relating to training and competence, and specifies which qualifications are required for certain activities.
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FCA Handbook and the PRA Rule Book deal with...? Lernen beginnen
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... senior management arrangements and systems and controls (SYSC).
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Assessment. TC Sourcebook requires that firms do not deem an employee competent to carry on any of a specified range of activities until... The Requirements for Retail Firms. Lernen beginnen
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... that employee has DEMONSTRATED the necessary competence to do so | and has passed each module of an appropriate EXAMINATION.
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The Requirements for Retail Firms: 3 - simple Lernen beginnen
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Assessment, | Supervision, | Supervisors. > ASS <
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Supervision. The Sourcebook states that the FCA expects that the level and intensity of that supervision will be significantly greater in the period ...? The Requirements for Retail Firms. Lernen beginnen
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before a firm has assessed its employee as competent, than after. Employees are appropriately supervised at all times.
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Supervisors. the Sourcebook states that firms should consider whether it is appropriate to require... The Requirements for Retail Firms. Lernen beginnen
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to pass an appropriate examination, if the staff that they supervise have not themselves yet been assessed as competent.
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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: 4 Lernen beginnen
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Dealing, | Broker fund, | Lloyd’s, | Pension transfer. DB LP
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TC Sourcebook, for which activity does the requirement to have passed each module of an appropriate qualification apply? Lernen beginnen
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investments which are PACKAGED PRODUCTS.
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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... TC Sourcebook Lernen beginnen
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which they gained while employed outside the UK
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Activities to which the TC Rules Apply: 3 Lernen beginnen
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Designated investment business carried out for a retail client*| | | | |. | Regulated mortgage activity. | Non-investment insurance business. > DRN < *Advising, | Dealing, | Managing, | Overseeing on a day-to-day basis.
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SPS confirms that an adviser completed a Qualification and Credit Framework (QCF) Level __ qualification. SPSs Statements of Professional Standing Lernen beginnen
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also: Adhere to a code of ethics, | Acted in accordance with the FCA’s APER/SM&CR (new replacement) requirements | Completed of 35 hours of continuing professional development (CPD)
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Under the Adviser Charging rules, individuals wishing to operate as a retail investment adviser must be in possession of a valid...? Lernen beginnen
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Statement of Professional Standing (SPS) from an FCA-accredited body such as the CISI
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SPS confirms that an adviser completed an annual programme of __ hours of continuing professional development (CPD). Statements of Professional Standing Lernen beginnen
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with at least 21 hours of this being structured learning. also: Adhere to a code of ethics, | Acted in accordance with the FCA’s APER requirements, | Completed Level 4 qualification.
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SPSs. The qualification requirements apply to individuals carrying out one or more of regulated activities, advising on products such as...? 3 Statements of Professional Standing Lernen beginnen
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Packaged products, | Derivatives, | Friendly society. PDF and any securities which are not stakeholder pension schemes or broker funds.
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SPS will contain: the adviser’s name, | accredited body details, | verification date, | declaration, | reference number, | and recommendation that... *maximum of 12 months from date of verification* Lernen beginnen
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that the reader should check that the adviser is on the FCA Register.
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The PRA-specific threshold conditions apply to what kind of organizations? Firms must meet both the PRA- and FCA-specific threshold conditions. Lernen beginnen
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banks, building societies, credit unions
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Which Threshold Condition is particulary rigorous? FCA Lernen beginnen
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Business Model Threshold analysis. firm’s strategy suitable for regulated activities, | the nature and scale of business.
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FCA assesses applicants only for conduct issues, for dual-regulated firms, the PRA assessing prudential issues. For solo regulated firms, FCA will...? Threshold Conditions (TCs) Lernen beginnen
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will assess both conduct and prudential issues.
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The Threshold Conditions (TCs) are...? Lernen beginnen
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... the minimum standards expected of authorised persons being authorised. FSMA (Threshold Conditions) Order 2013. Huge degree of subjective judgment.
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When the Authorisation Process is simplified? Lernen beginnen
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When authorised firm that was previously unincorporated decides to incorporate. eg, a sole trader, or partnership
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