Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Content Options

View Options:

Alternative versions

  1. Point in time
    2018-04-01

TC TP 5 Home Reversion Plans: Assessments of competence before 6 April 2007 in relation to Home Reversion Plans only1

15.1

R

(1)

This rule applies in respect of an individual employed by a firm at 6 April 2007 (other than an individual described in TC TP 4.1R).

(2)

The individual in (1) is exempt from the examination requirements in this sourcebook in relation to the following:

(a)

advising on home reversion plans;

(b)

designing scripted questions for use in non-advised sales to customers of home reversion plans; or

(c)

overseeing non-advised sales of home reversion plans.

(3)

The exemption in (2) only applies if:

(a)

the individual has been assessed as competent to apply the knowledge and skills necessary to engage in or oversee the relevant home reversion activity before 6 April 2007;

(b)

the home reversion activity which the individual carries on continues to be the same, or substantially the same as that immediately before 6 April 2007; and

(c)

the individual had not experienced any significant break in employment since the last employment in respect of which the individual had the benefit of an exemption under this rule.

5.2

R

If the individual has not passed an appropriate examination before 6 April 2009, the individual in TC TP 5.1R(1) will cease to be exempt from the appropriate examination requirement.

5.3

R

If an employee of a firm is exempted from an examination requirement under TC TP 5.1R and any other firm subsequently employs the individual, that exemption continues to apply in respect of that subsequent employment on the same basis provided that:

(1)

the conditions in TC TP 5.1R3(b) and (c) are met; and

(2)

the firm assesses the individual to be competent in accordance with TC 2.1.1 R.