Qualifications - Financial Conduct Authority


Do our staff need to pass an exam?

They will need to pass an appropriate examination if they are carrying out an activity that is shown in Training and Competence (TC) Appendix 4 and is subject to exam requirements.

Please note there are no exam requirements for giving basic advice and advising on non-investment insurance contracts.

Which examinations do our staff need to pass?

This is up to your firm - our rules (if an exam is necessary) simply require an appropriate examination to be passed. You can find our list of appropriate qualifications in Training and Competence (TC) Appendix 4

Advisers that give retail investment advice need to obtain a modernised Level 4 qualification by 31 December 2012.

Are overseas recruits required to have the relevant qualification?

New recruits from overseas do not have to pass each module of the appropriate examination, if they have:

  • three years up-to-date relevant experience obtained outside the United Kingdom;
  • not previously been subject to our examination requirements for the training and competence (T&C) activity to be carried out; and
  • passed the relevant regulatory module of an appropriate examination.

Sole traders and the T&C requirements

As a sole trader you are still required to prove you have met our monitoring requirements. It is obviously difficult for you to monitor your own performance objectively; you can do this by using a variety of training and assessment methods for developing competence, such as:

  • sitting a relevant mock exam;
  • product and market training; and
  • practical training such as mock sales interviews.