TC Sch 2 Notification requirements

TC 2.1.31 R

Notifications - issues relating to the competency and behaviour of retail investment advisers.

(1) Information about any circumstances relevant to the issue; and

(2) information about any steps which a firm has taken or intends to take to rectify the position or prevent any future potential occurrence.

Becoming aware, or having information which reasonably suggests that any of the following has occurred or may occur, and the event is significant:

As soon as reasonably practicable.

(1) a retail investment adviser, who has been assessed as competent for the purposes of TC 2.1.1 R, is no longer considered competent for the purposes of TC 2.1.1 R;

(2) a retail investment adviser has failed to attain an appropriate qualification within the time limit prescribed by TC 2.2A.1 R (1);

(3) a retail investment adviser has failed to comply with a Statement of Principle in carrying out his controlled function or, in the case of a relevant authorised person, has failed to comply with COCON;3 and

(4) a retail investment adviser has performed an activity in TC Appendix 1 before having demonstrated the necessary competence for the purposes of TC 2.1.1 R and without appropriate supervision.

2TC 2.2B.3 R

Notifications - professional standards data

(1) The firm's name and Firm Reference Number;

(2) the names of the firm's employees who are retail investment advisers, including trainees;

4(2A) the following information in respect of the employees in (2):

4(a) the employee’s Individual Reference Number (IRN); or

4(b) in the case of an employee of a relevant authorised person who is performing an FCA-specified significant harm function and has no IRN:

4(i) the employee’s National Insurance (NI) number and date of birth; or

4(ii) if the employee has no NI number, the employee’s date of birth, current passport number and nationality;

(3) whether a retail investment adviser has attained an appropriate qualification;

(4) if a retail investment adviser has not attained an appropriate qualification, the date on which the employee began to carry on the activity of a retail investment adviser;

(5) the name of the accredited body used for the purposes of TC 2.1.27 R; and 4

4(6) whether the firm has assessed a retail investment adviser as competent for the purposes of TC 2.1.1R.

The end of each quarter.

Within 20 business days of the end of the quarter, unless TC 2.2B.3 R (3) applies.