Related provisions for LR 15.4.3A
Part 1: Activities
Note: The activity numbers in this table relate to the Regulated Activities in TC App 1.1.1 R. These tables do not cover activities 1, 5, 13A, 13B, 13C, 24, 25 or 26 as these activities do not have a qualification requirement.
Activity Number |
Activity |
Key - extent to which qualification meets qualification requirement |
|
2 |
Advising on securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
(a) |
Meets full qualification requirement on and after, 31 December 2012 |
3 |
Advising on derivatives |
||
4 and 6 |
(4) Advising on retail investment products which are not broker funds and (6) advising on friendly societytax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met) |
(b) |
Meets full qualification requirement until 31 December 2012. On and after 31 December 2012 this must be combined with qualification gap-fill. This gap-fill constitutes additional structured continuing professional development, which need not be by examination, completed and verified by an accredited body |
12 |
Advising on and dealing in securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
||
13 |
Advising on and dealing in derivatives |
Activity Number |
Activity |
Key - extent to which qualification meets qualification requirement |
|
7 |
Advising on long-term care insurance contracts |
1 or (2 + 3) or (4 + 5 + 6) |
Meets full qualification requirement |
8 |
Advising on investments in the course of corporate finance business |
||
9 |
|||
11 |
Undertaking the activity of a pension transfer specialist |
||
14 and 10 |
Managing investments and/or undertaking the activity of a broker fund adviser |
||
15 |
Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme |
||
16 |
Overseeing on a day to day basis safeguarding and administering investments or holding client money |
||
17 |
Overseeing on a day to day basis administrative functions in relation to managing investments: (i) arranging settlement; (ii) monitoring and processing corporate actions; (iii) client account administration, liaison and reporting including valuation and performance measurement; (iv) ISA or CTF administration; (v) Investment trust savings scheme administration. |
||
18 |
Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies: (i) new business administration; (ii) policy alterations including surrenders and policy loans; (iii) preparing projections; (iv) processing claims, including pension payments; (v) fund switching |
1 or (2 + 3) or (4 + 5 + 6) |
Meets full qualification requirement |
19 |
Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes: (i) new business administration; (ii) receipt of or alteration to contributions; (iii) preparing projections and annual statements; (iv) administration of transfers; (v) handling claims, including pension payments; (vi) fund allocation and switching. |
||
20 |
Advising on a regulated mortgage contract for a non-business purpose |
||
21 |
Advising on equity release transactions |
||
22 |
Designing scripted questions for non-advised sales of equity release transactions |
||
23 |
Overseeing non-advised sales on a day-to-day basis of equity release transactions |
Part 2: Appropriate Qualifications Tables
Qualification provider |
Qualification |
Activity Number(s) |
Key |
ACI The Financial Markets Association |
ACI Diploma (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 3, 12, 13 |
a |
ACI Dealing Certificate when combined with Chartered Institute of Securities and Investment (CISI) Introduction to Securities and Investments and one of the Regulatory units of the Investment Operations Certificate (IOC) |
15, 17 |
4 |
|
ACI Operations Certificate when combined with Chartered Institute of Securities and Investment (CISI) Introduction to Securities and Investments and one of the Regulatory units of the Investment Operations Certificate (IOC) |
|||
Association of Accounting Technicians |
Member |
15, 16, 17, 18, 19 |
4 |
Association of Certified International Investment Analysts (ACIIA) |
CIIA qualification (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 3, 12, 13 |
a |
Certified International Investment Analyst (CIIA) |
14 and 10 |
2 |
|
Association of Chartered Certified Accountants |
Member or Affiliate |
8 |
1 |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Association of Corporate Treasurers |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
Association of International Wealth Management (AIWM) |
Certified International Wealth Manager Diploma (CIWM) |
2, 3, 12, 13 |
a |
14 and 10 |
1 |
||
Blackburn College - University Centre |
Foundation Degree Award in Financial Services |
4 and 6 |
a |
Bournemouth University |
BA in Financial Services (1995 to 2001) |
4 and 6 |
b |
MA in Financial Services (1995 to 2001) |
|||
Post Graduate in Financial Services (1995 to 2001) |
|||
Calibrand / Scottish Qualifications Authority |
Diploma in Professional Financial Advice |
4 and 6 |
a |
Diploma in Professional Financial Advice (NMBA - Alternative Assessment method) |
|||
CASS Business School |
MSC in Banking and International Finance (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 3, 12, 13 |
a |
CFA Institute and the CFA Society of the UK |
CFA Program (Level 1) plus Investment Management Certificate (Level 4 certificate) (post-2010 exam standards) |
2, 3, 12, 13 |
a |
CFA Program plus Unit 1 of the Investment Management Certificate (Level 4 certificate) (post-2010 exam standards) |
|||
Associate |
2, 3, 12, 13 |
b |
|
CFA Program (Level 1) plus Investment Management Certificate (pre-2010 exam standards) |
|||
CFA Program plus Unit 1 of the Investment Management Certificate (pre-2010 exam standards) |
|||
Fellow by examination |
|||
CFA Program (Level 1) |
14 and 10 |
2 |
|
Fellow or Associate by examination |
8 |
1 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
4 |
||
Investment Management Asset Allocation Qualification |
14 and 10 |
2 |
|
Investment Regulation and Practice Paper of the Associate Examination |
15, 16, 17 |
5 |
|
CFA Society of UK (Formerly the UK Society of Investment Professionals/ Institute of Investment Management and Research (IIMR)) |
Investment Management Certificate (Level 4 certificate) (post-2010 exam standards) plus other qualifications that meet specialist standards for advising on securities |
2, 12 |
a |
Investment Management Certificate (Level 4 certificate) (post-2010 exam standards) plus other qualifications that meet specialist standards for advising on packaged products |
4 and 6 |
||
Investment Management Certificate (Level 4 certificate) (post-2010 exam standards) plus other qualifications that meet specialist standards for advising on derivatives |
3, 13 |
||
Investment Management Certificate (both pre and post 2010 examination standards) |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16, 17 |
5 |
||
14 and 10 |
1 |
||
Investment Practice Version of Investment Management Certificate (both pre and post 2010 Appropriate Exam standards) |
14 and 10 |
2 |
|
Investment Practice version of the Investment Management Certificate |
8 |
2 |
|
UK Regulation and Markets version of the Investment Management Certificate |
8 |
3 |
|
15, 16, 17, 19 |
5 |
||
18 |
6 |
||
Unit 1 - UK Regulation and Markets |
14 and 10 |
3 |
|
Chartered Alternative Investment Analysis Association (CAIA) |
CAIA Level 1 (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) |
2, 12 |
b |
Chartered Institute of Bankers in Ireland |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
Chartered Institute of Bankers in Scotland |
Diploma in Investment Planning (Existing Adviser) Post 2010 examination standards |
4 and 6 |
a |
Diploma in Investment Planning (New Adviser) Post 2010 examination standards |
|||
Post 2010 examination standards |
|||
Diploma in Investment Planning (Retail Banking) (Existing Adviser) Post 2010 examination standards |
|||
Diploma in investment planning (work based assessment) |
|||
Associate (March 1992 to July 1994 syllabus (including top-up test)) |
4 and 6 |
b |
|
Associate (post August 1994 syllabus) |
|||
Certificate in Investment Planning (Pre 17/09/2004) |
|||
Chartered Banker (where candidates hold UK Financial Services and Investment modules) |
|||
Diploma in Investment Planning (current) |
|||
Associateship - (must include a pass in the Investment Paper) |
2, 3, 12, 13 |
b |
|
Certificate in Investment Planning - Paper 1 |
15, 16, 18, 19 |
4 |
|
15, 16, 17, 18, 19 |
5 |
||
Certificate in Investment Planning |
17 |
4 |
|
Member or Associate |
15, 16, 17, 18, 19 |
4 |
|
Mortgage Advice and Practice Certificate |
20 |
1 |
|
Certificate in Mortgage Advice and Practice (MAPC) (Pre 16/09/2004) |
20, 21, 22 |
1 |
|
MAPC bridge paper plus entry requirements (Pre 31/10/2004) |
20 |
1 |
|
Certificate in Investment Planning - Paper 1 (Pre 16/09/2004) |
20, 21, 22 |
3 |
|
MAPC - Paper 1 (Pre 16/09/2004) |
20 |
3 |
|
Mortgage Advice and Practice Certificate - Paper 1 (Post 17/09/2004) |
20, 21 |
3 |
|
Equity Release Mortgage Advice and Practice Certificate (ERMAPC) |
21, 22 |
1 |
|
Lifetime Mortgage Advice and Practice Certificate |
|||
MAPC Bridge paper plus entry requirements (Pre 16/09/2004) |
|||
Certificate in Mortgage Advice and Practice (MAPC) (Pre 16/09/2004) - Paper 1 |
21, 22 |
3 |
|
Equity Release Mortgage Advice and Practice Certificate (ERMAPC) |
23 |
4 |
|
23 |
5 |
||
23 |
6 |
||
Chartered Institute of Management Accountants |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
Chartered Institute of Public Finance and Accountancy |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
Chartered Institute for Securities and Investment (CISI) - (Formerly the Securities and Investment Institute (SII); formerly The Securities Association) |
|||
Investment Advice Diploma (where candidate holds 3 modules including the derivatives module) |
3, 13 |
||
Investment Advice Diploma (where candidate holds 3 modules including the securities module) |
2, 12 |
||
Masters in Wealth Management (Post 2010 examination standards) |
2, 3, 4 and 6, 12, 13 |
||
Certificate in Private Client Investment Advice and Management |
2, 3, 4 and 6, 12, 13 |
b |
|
14 and 10 |
1 |
||
Certificate in Private Client Investment Advice and Management (attained through a CISI competency interview and presentation only) |
2, 3, 4 and 6, 12, 13 |
b |
|
14 and 10 |
1 |
||
Diploma (where candidate holds 3 modules as recommended by the firm) |
2, 3, 4 and 6, 12, 13 |
b |
|
Investment Advice Certificate |
2, 3, 4 and 6, 12, 13 |
b |
|
Masters in Wealth Management (Pre 2010 examination standards) |
2, 3, 4 and 6, 12, 13 |
b |
|
Member of the Securities Institute (MSI Dip) (where candidate holds 3 modules as recommended by the firm) |
2, 3, 4 and 6, 12, 13 |
b |
|
Certificate in Corporate Finance |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
Certificate in Derivatives - Paper 2 |
15, 16, 17, 18, 19 |
4 |
|
Certificate in Investment and Financial Advice - Paper 1 |
21, 22 |
3 |
|
Certificate in Investment Management |
8 |
1 |
|
15, 16, 17, 19 |
4 |
||
15, 16, 17 |
5 |
||
14 and 10 |
1 |
||
Certificate in Investment Management - Paper 2 |
8 |
2 |
|
14 and 10 |
|||
Certificate in Securities |
8 |
1 |
|
Certificate in Securities - Paper 2 |
15, 16, 17, 18, 19 |
4 |
|
Certificate in Securities and Derivatives - Paper 2 |
19 |
4 |
|
Certificate in Securities and Financial Derivatives |
8 |
1 |
|
Certificate in Securities and Financial Derivatives - Paper 2 |
15, 16, 17, 18 |
4 |
|
Client Services Qualification |
15, 16, 17, 18, 19 |
4 |
|
Diploma |
15, 16, 17, 18, 19 |
4 |
|
Diploma - Corporate Finance Paper |
8 |
2 |
|
Diploma - Global Operations Management Module |
15, 16, 17, 18, 19 |
4 |
|
15, 16, 17 |
5 |
||
6 |
|||
Diploma - International Operations Management Module |
15 |
4 |
|
15, 16 |
5 |
||
6 |
|||
17 |
4 |
||
5 |
|||
6 |
|||
Diploma - International Operations Module |
16, 18, 19 |
4 |
|
Diploma - Operations Management Module |
15, 16, 17, 18, 19 |
4 |
|
15, 17 |
5 |
||
15, 16, 17 |
6 |
||
Diploma - Regulation and Compliance Module |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
Diploma (must include a pass in Regulation and Compliance Paper) |
8 |
1 |
|
Diploma (where candidate holds 3 modules as recommended by the firm) |
14 and 10 |
1 |
|
Investment Administration Qualification - Asset Servicing Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Basics of CREST Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Bond Settlement Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Collective Investment Schemes Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - CREST Settlement Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Derivatives Operations Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Exchange - Traded Derivative Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - FSA Regulatory Environment Module |
15, 16, 17 |
5 |
|
Investment Administration Qualification - Global Custody Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Global Securities Operations Module |
16, 17 |
6 |
|
Investment Administration Qualification - Global Settlement Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - IMRO Regulatory Environment Module |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
Investment Administration Qualification - Introduction to Securities and Investment Module |
15, 16, 17, 18, 19 |
4 |
|
Investment Administration Qualification - ISA Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - ISA and CTF Administration Module |
17 |
6 |
|
Investment Administration Qualification - ISA and PEP Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Life Policy Administration Module |
18 |
6 |
|
Investment Administration Qualification - OEIC Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Operational Risk Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - OTC Derivatives Administration Module |
15, 16 |
6 |
|
Investment Administration Qualification - Pensions Administration Module |
19 |
6 |
|
Investment Administration Qualification - PEP Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Portfolio Performance Measurement Module |
15, 16 |
6 |
|
Investment Administration Qualification - Private Client Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - SFA Regulatory Environment Module |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18 |
5 |
||
Investment Administration Qualification - Unit 2 FSA Regulatory Environment - (Formerly the Investment Administration Qualification - Regulatory Environment Module) |
8 |
3 |
|
14 and 10 |
|||
18, 19 |
5 |
||
Investment Administration Qualification - Unit Trust Administration Module |
15, 16, 17 |
6 |
|
Investment Advice Certificate |
14 and 10 |
1 |
|
Investment Advice Certificate - Paper 1 |
15, 16, 17, 18, 19 |
4 |
|
5 |
|||
Investment Advice Certificate - Paper 1 (No new registrations) |
20, 21, 22 |
3 |
|
Investment Advice Certificate - Paper 2 |
18, 19 |
6 |
|
Investment Advice Diploma (where candidates hold technical modules as recommended by the firm) |
14 and 10 |
1 |
|
Investment Operations Certificate - Asset Servicing Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - Collective Investment Schemes Administration Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - CREST Settlement Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - Exchange - Traded Derivative Administration Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - FSA Financial Regulation Module |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
Investment Operations Certificate - Global Securities Operations Module |
17 |
6 |
|
Investment Operations Certificate - Global Securities Operations Module |
16 |
6 |
|
Investment Operations Certificate - Introduction to Securities and Investment Module |
15, 16, 17, 18, 19 |
4 |
|
Investment Operations Certificate - ISA Administration Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - Operational Risk Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - OTC Derivatives Administration Module |
15, 16 |
6 |
|
Investment Operations Certificate - Private Client Administration Module |
15, 16, 17 |
6 |
|
Level 3 Certificate in Investments (Derivatives) - Unit 3 |
15, 16, 17, 18, 19 |
4 |
|
Level 3 Certificate in Investments (Investment Management) |
14 and 10 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16, 17 |
5 |
||
Level 3 Certificate in Investments (Investment Management) - Unit 5 |
8 |
2 |
|
14 and 10 |
|||
Level 3 Certificate in Investments (Securities and Financial Derivatives) |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
Level 3 Certificate in Investments (Securities) |
8 |
1 |
|
Level 3 Certificate in Investments (Securities) - Unit 2 |
15, 16, 17, 18, 19 |
4 |
|
Level 6 Diploma in Wealth Management |
14 and 10 |
1 |
|
Masters in Wealth Management |
14 and 10 |
1 |
|
Member of the Securities Institute by examination |
15, 17, 19 |
4 |
|
Principles of Financial Regulation |
8 |
3 |
|
18, 19 |
5 |
||
SFA Corporate Finance Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
SFA Futures and Options Representative Examination |
15, 16, 17, 18, 19 |
4 |
|
15, 16, 17 |
5 |
||
SFA Registered Persons Examination - Section 1 (Regulation) |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
SFA Securities and Financial Derivatives Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16, 17 |
5 |
||
SFA Securities Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
16, 17 |
5 |
||
TSA Registered Representative Examinations |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16 |
5 |
||
Unit 1 - Financial Regulation |
14 and 10 |
3 |
|
Unit 1 Financial Regulation (Formerly the Securities Institute Regulatory Paper) |
8 |
3 |
|
15, 16, 17, 18, 19 |
5 |
||
Unit 6 - Principles of Financial Regulation |
14 and 10 |
3 |
|
15, 16, 17 |
5 |
||
Chartered Insurance Institute |
Certificate in Securities Advice and Dealing |
2, 12 |
|
Diploma in Regulated Financial Planning |
4 and 6 |
a |
|
Diploma in Regulated Financial Planning (attained through a CII alternative assessment day) |
|||
Fellow or Associate (life and pensions route only) |
2, 3, 12, 13 |
b |
|
Advanced Financial Planning Certificate |
2, 3, 4 and 6, 12, 13 |
b |
|
Diploma in Financial Planning |
4 and 6 |
b |
|
Fellow (FCII) (where candidates hold appropriate life and pensions modules) |
|||
Fellow (FLIA Dip) |
|||
Advanced Diploma in Financial Planning |
|||
Associate (ACII) (where candidate holds appropriate life and pension modules) |
|||
Associate (ALIA Dip) |
|||
Certificate in Financial Planning plus the Award in Long Term Care Insurance |
7 |
1 |
|
G80 paper of Advanced Financial Planning Certificate (October 2004) plus appropriate exam requirements for TC 2.1.4R(1)(f) |
|||
G70 Paper of the Advanced Financial Planning Certificate |
8 |
1 |
|
Award in London Market Insurance |
9 |
1 |
|
Fellow or Associate including three pensions-related subjects as confirmed by the examining body |
11 |
1 |
|
G60 paper of Advanced Financial Planning Certificate |
|||
Unit AF3 of the Advanced Diploma in Financial Planning |
|||
Certificate of Insurance Practice |
18 |
4 |
|
Certificate of Insurance Practice (life or pensions route) |
18 |
6 |
|
FA1 - Life office administration |
|||
Fellow or Associate (life and pensions route only) |
|||
Life assurance paper (735) from the Associateship |
|||
Certificate of Insurance Practice (Pensions route) |
19 |
6 |
|
Fellow or Associate (Pensions route) |
|||
Certificate in Mortgage Advice |
20 |
1 |
|
Certificate in Equity Release (Formerly known as Certificate in Financial Planning and Lifetime Mortgages) |
21 |
1 |
|
Certificate in Equity Release |
22 |
1 |
|
23 |
4 |
||
23 |
5 |
||
23 |
6 |
||
Advanced Financial Planning Certificate (must include a pass in G70 paper) |
14 and 10 |
1 |
|
Certificate in Discretionary Investment Management |
|||
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Financial Planning Certificate - Paper 1 |
15, 16, 17, 18, 19 |
4 |
|
15, 16, 17, 18, 19 |
5 |
||
CF1 - UK financial services, regulation and ethics |
18, 19 |
4 |
|
18, 19 |
5 |
||
FA2 - Pensions administration paper |
18, 19 |
6 |
|
Financial Planning Certificate - Paper 2 |
|||
Pensions law, taxation and administration paper (740) from the Associateship |
18, 19 |
6 |
|
Certificate in Mortgage Advice - Paper 1 |
20, 21 |
3 |
|
Mortgage Advice Qualification (MAQ) plus entry requirements |
20, 21, 22 |
1 |
|
Financial Planning Certificate - Paper 1 (No new registrations after 17/12/2004) |
20, 21, 22 |
3 |
|
EFFAS Societies with accredited examinations |
Certified European Financial Analyst |
14 and 10 |
2 |
Faculty or Institute of Actuaries |
Fellow or Associate or where the individual has passed all of the following modules CT1, CT2, CT4, CT5, CT6, CT7 and CT8 |
2, 3, 4 and 6, 12, 13 |
a |
14 and 10 |
1 |
||
Associate - achieved by examination passed before 1 December 2001 (must include a pass in Subject 301 - Investment and Asset Management (syllabus in force from 1998) |
14 and 10 |
1 |
|
Associate - achieved by examination passed after 1 December 2001 (must include a pass in subject 301 - Investment and Asset Management (syllabus in force from 1998) |
14 and 10 |
2 |
|
Fellow or Associate |
19 |
6 |
|
Fellow - achieved by examination (must include a pass in subjects 301 and 401 Investment and Asset Management (syllabus in force from 1998)) |
14 and 10 |
1 |
|
Fellow or Associate |
11 |
1 |
|
16, 17, 18, 19 |
4 |
||
18 |
6 |
||
Fellow or Associate by examination (must include Investment Paper E (Syllabus in force until 1998)) |
14 and 10 |
1 |
|
Fellow or where the individual has passed all of the following modules CA1 and SA2 |
18 |
4 |
|
Financial Industry Regulatory Authority (FINRA) - Formerly the National Association of Securities Dealers (NASD) |
Series 7 - General Securities Representatives Examination (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) |
2, 3, 12, 13 |
b |
Financial Skills Partnership (formerly the Financial Services Skills Council (FSSC)) |
FSSC Advanced Apprenticeship in Advising on Financial Products (Long Term Care Insurance Pathway) |
7 |
1 |
FSSC Advanced Apprenticeship in Retail Financial Services (Investment Administration Pathway including either Asset Servicing / CREST Settlement / Global Securities or ISA and CTF Administration) |
17 |
6 |
|
FSSC Advanced Apprenticeship in Retail Financial Services (Investment Administration Pathway including FSA Regulatory Environment or Principles of Financial Regulation) |
17 |
5 |
|
FSSC Advanced Apprenticeship in Retail Financial Services (investment Administration Pathway including the Introduction to Securities and Investment module) |
17 |
4 |
|
FSSC AdvancedApprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1) |
18 |
4 |
|
FSSC Advanced Apprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1) |
18 |
5 |
|
FSSC Advanced Apprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1 and either FA1 or FA2) |
18 |
6 |
|
FSSC Advanced Apprenticeship in Retail Financial Services (Long Term Insurance Pathway including CF1 and FA2) |
19 |
1 |
|
FSSC Advanced Apprenticeship in Advising on Financial Products (Mortgage Advice Pathway) |
20 |
1 |
|
ICMA Centre/ University of Reading (Formerly ISMA Centre/ University of Reading) |
Diploma in Capital Markets, Regulation and Compliance |
17 |
5 |
Operations Certificate Programme (OCP) |
16, 17 |
6 |
|
ifs School of Finance(formerly the Chartered Institute of Bankers) |
Diploma for Financial Advisers (post 2010 examination standards) |
4 and 6 |
a |
Professional Certificate in Banking (PCertB) (where candidate has passed the Practice of Financial Advice module) |
|||
Associateship - (must include a pass in the Investment / Investment Management Paper) |
2, 3, 4 and 6, 12, 13 |
b |
|
Diploma for Financial Advisers (pre 2010 examination standards) |
4 and 6 |
b |
|
Professional Investment Certificate |
|||
Certificate for Financial Advisers and Certificate in Long-term Care Insurance |
7 |
1 |
|
Pensions paper of Professional Investment Certificate |
11 |
1 |
|
Certificate for Financial Advisers - Paper 1 |
15 |
5 |
|
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Certificate for Financial Advisers - Paper 1 (Pre 31/10/2004) |
15, 16, 17, 18, 19 |
4 |
|
5 |
|||
20, 21, 22 |
3 |
||
Certificate for Financial Advisers - Paper 1 (Post 01/11/2004) |
18, 19 |
4 |
|
5 |
|||
Certificate for Financial Advisers - Paper 2 (Pre 31/10/2004) |
18, 19 |
6 |
|
CeMAP Bridge paper plus entry requirements |
20 |
1 |
|
Certificate in Mortgage Advice and Practice (Post 01/11/2004) |
20 |
1 |
|
Diploma for Mortgage Advice and Practice DipMAP (plus entry requirements) |
20 |
1 |
|
CeMAP bridge paper plus entry requirements (Pre 31/10/2004) |
21, 22 |
1 |
|
Certificate in Mortgage Advice and Practice (CeMAP) (Pre 31/10/2004) - Paper 1 |
20, 21 |
3 |
|
Certificate in Mortgage Advice and Practice (Post 01/11/2004) - Paper 1 |
20, 21 |
3 |
|
Certificate in Mortgage Advice and Practice (CeMAP) (Pre 31/10/2004) |
20, 21, 22 |
1 |
|
Certificate in Regulated Equity Release (Formerly known as Certificate in Lifetime Mortgages) |
21, 22 |
1 |
|
23 |
4 |
||
23 |
5 |
||
23 |
6 |
||
Institute of Chartered Accountants in England and Wales |
Fellow or Associate |
8 |
1 |
15, 16, 17, 18, 19 |
4 |
||
Initial Test of Competence |
18, 19 |
6 |
|
Institute of Chartered Accountants in Ireland |
Fellow or Associate |
8 |
1 |
15, 16, 17, 18, 19 |
4 |
||
Initial Test of Competence |
19 |
6 |
|
Institute of Chartered Accountants in Scotland |
Member |
8 |
1 |
15, 16, 17, 18, 19 |
4 |
||
Initial Test of Competence |
19 |
6 |
|
Institute of Chartered Secretaries and Administrators |
Certificate in Collective Investment Scheme Administration |
15, 16, 17, 18 |
4 |
5 |
|||
15, 16 |
6 |
||
19 |
4 |
||
Certificate in Company Secretarial Practice and Share Registration Practice (including the Regulatory module within the examination) |
15, 16. 17 |
4 |
|
5 |
|||
6 |
|||
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Institute of Financial Planning |
Certified Financial Planner |
4 and 6 |
b |
Fellowship |
|||
Insurance Sector Education and Training Authority |
National Diploma: Financial Services Long-Term Risk Assessment |
7 |
2 |
Investment Management Association |
Investment Administration Management Award |
15, 16, 17 |
6 |
Investment Property Forum |
IPF Certificate in Property Investment |
14 and 10 |
2 |
Japanese Bankers Association |
Registered Representative of Public Securities Examination (pre-April 1990) |
8 |
2 |
Representative of Public Securities Qualification - Class 1 |
|||
Japanese Securities Dealers Association |
Representative of Public Securities Qualification - Type 1 (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation |
2, 3, 12, 13 |
b |
Representative of Public Securities Examination (pre April 1990) |
8 |
2 |
|
Representative of Public Securities Qualification - Type 1 |
|||
Law Society of England and Wales |
Module B(ii), Securities and Portfolio Management |
8 |
2 |
Module B(i), Retail Branded/ Packaged Products |
18, 19 |
6 |
|
Law Society of England and Wales/ Law Society of Northern Ireland |
Solicitor |
15 |
4 |
Law Society of England and Wales/ Law Society of Scotland/ Law Society of Northern Ireland |
Solicitor |
17, 18, 19 |
4 |
Lloyd's |
Lloyd's and London Market Introductory Test (Formerly the Lloyd's Introductory Test) |
9 |
1 |
Lloyd's/ Chartered Insurance Institute |
Lloyd's Market Certificate |
9 |
1 |
London Stock Exchange (records are now kept by The Chartered Institute for Securities and Investment (CISI); Formerly the Securities and Investment Institute (SII); formerly The Securities Association) |
London Stock Exchange Full Membership Exams (and other regional stock exchanges as merged with London Stock Exchange) - where candidate holds three or four papers or holds both the Stock Exchange Practice and Techniques of Investment papers |
2, 3, 4 and 6, 12, 13 |
b |
14 and 10 |
1 |
||
Stock Exchange Registered Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16 |
5 |
||
Manchester Metropolitan University |
BA (Hons) Financial Services, Planning and Management |
2, 3, 4 and 6, 12, 13 |
a |
N/A |
In-house module (only where the firm can demonstrate that none of the listed examinations are appropriate) |
15, 16, 17, 18, 19 |
6 |
NIBE SVV the Dutch Institute for the Banking, Insurance and Stockbroking Industry |
Examination |
8 |
2 |
Pensions Management Institute |
Diploma in Regulated Retirement Advice |
4 and 6 |
a |
11 |
1 |
||
Fellow or Associate by examination |
11 |
1 |
|
Module 201: Providing for Retirement |
19 |
4 |
|
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Diploma in Member-Directed Pension Scheme Administration |
18 |
6 |
|
Fellow or Associate by examination |
18, 19 |
6 |
|
Sheffield Hallam University |
BA in Financial Services (1995 to 2001) |
4 and 6 |
b |
MA in Financial Services (1995 to 2001) |
|||
Post Graduate in Financial Services (1995 to 2001) |
|||
Society of Investment Analysts in Ireland |
Certificate in Investment Management (at least 3 papers passed by examination) |
14 and 10 |
2 |
South African Institute of Financial Markets |
Ordinary and Senior Certificates |
8, 14 and 10 |
2 |
Swiss Finance Institute |
Dual degree Executive MBA in Asset and Wealth Management |
14 and 10 |
2 |
The Securities Analysts Association of Japan (SAAJ) |
CMA Level 2 (for individuals advising before 30 June 2009) |
2, 3, 12, 13 |
b |
CMA Level 2 (for individuals not advising before 30 June 2009 - provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
|||
CMA Level 2 |
8 |
2 |
|
Secondary Examination |
|||
Chartered Member |
14 and 10 |
2 |
|
University of Stirling |
BA in Finance |
2, 4 and 6, 12 |
b |
BA in Finance and Accounting |
2, 3, 4 and 6, 12, 13 |
b |
|
MSc in Finance |
2, 3, 12, 13 |
b |
|
MSc in international Accounting and Finance (where candidates hold modules as recommended by the firm) |
2, 3, 12, 13 |
b |
|
8 |
2 |
||
14 and 10 |
1 |
||
MSc in Investment Analysis |
2, 3, 12, 13 |
b |
|
14 and 10 |
1 |
||
University of the West of England |
BA in Financial Services (1995 to 2001) |
4 and 6 |
b |
MA in Financial Services (1995 to 2001) |
|||
Post Graduate in Financial Services (1995 to 2001) |
Table of periodic fees payable to the FCA63
631 Fee payer |
2 Fee payable |
3 Due date |
4 Events occurring during the period leading to modified periodic fee |
Any firm (except an ICVC or a UCITS qualifier) |
As specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R63 |
(1) Unless (2) or (3) apply7, on or before the relevant dates specified in FEES 4.3.6 R.12 (2) Unless (3) applies, if 7an event specified in column 4 occurs during the course of a fee year,62 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.7 (3) Where the permission is for operating a multilateral trading facility, the date specified in FEES 4 Annex 10 (Periodic fees for MTF operators). 7762 |
Firm receives permission, or becomes authorised or registered under the Payment Services Regulations or the Electronic Money Regulations12;9 or firm9extends permission or its payment service activities916 9 |
Persons who hold a certificate issued by the FCA62 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.) 62 |
£1,000 |
(1) Unless (2) applies, on or before 30 April (2) If an event in column 4 occurs during the course of a fee year,62 30 days after the occurrence of that event 62 |
Certificate issued to person by FCA62 under Article 54 RAO 62 |
Any manager of an authorised unit trust; |
In relation to each unit trust the amount specified in FEES 4 Annex 4 |
Authorisation order is made in relation to the relevant scheme |
|
In relation to each ICVC the amount specified in FEES 4 Annex 4 |
|||
Persons who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme; |
In relation to each recognised scheme the amount specified in FEES 4 Annex 4 |
The relevant scheme becomes a recognised collective investment scheme |
|
Not applicable |
|||
FEES 4 Annex 6, part 1 for a UK RIE ; and FEES 4 Annex 6 R, part 1A for a UK RIE that is also an RAP13 63 |
(1) Unless (2) applies, by the due dates set out in FEES 4 Annex 6, part 1and (in the case of an RAP) part 1A13 (2) If the event in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event 62 |
Recognition order is made. The modified1164 periodic fee is specified in FEES 4 Annex 6 R, Part 1and (in the case of an RAP) Part 1A.131164 1164116411641164 |
|
63 | FEES 4 Annex 6, part 2 |
(1), unless (2) applies, 1 July. (2) If the event in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event. 62 |
Recognition order is made. The modified1164 periodic fee is specified in FEES 4 Annex 6, Part 2.1164 1164116411641164 |
Listedissuers (in LR) of shares, depositary receipts and securitised derivatives (in LR), unless the conditions set out below apply.3 The first condition is that the listedissuer, or a related entity, has already paid a periodic fee in respect of the period concerned. The second condition is that the listedissuer is subject to listing rules as a result of a reverse takeover, or that the listedissuer is a newly formed entity, created as a result of a restructuring.3 |
Within 30 days of the date of the invoice |
Listedissuer3 (in LR) becomes subject to listing rules 3 |
|
£20,0001210 per year for the period from 1 April to 31 March the following year (see Note)2 1012 |
Within 30 days of the date of the invoice |
(1)14Approval of sponsor, unless (2) applies.14 (2) In the case of approval of a sponsor following a change of legal status in accordance with FEES 3 Annex 1 R Part 7, the balance of the fee otherwise due from the original sponsor. Where a payment is made in accordance with (2) the original sponsor's obligation to pay that fee ceases.14 |
|
All non-listed issuers (in DTR) of shares, depositary receipts and securitised derivatives.6 6 |
Within 30 days of the date of the invoice |
Non-listed issuer (in DTR) becomes subject to disclosure rules and transparency rules6 |
|
6All firms reporting transactions in securities derivatives10to the FCA62 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10 6210 |
Within 30 days of the date of the invoice |
Not applicable |
|
15Any issuer of a regulated covered bond. |
(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R (2) If an event specified in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R 62 |
A person becomes registered as an issuer of a regulated covered bond |
Note:Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2
This table belongs to COLL 3.2.4 R (Matters which must be included in the instrument constituting the scheme)
Name of scheme |
||
1 |
A statement of: |
|
(1) |
the name of the authorised fund; and |
|
(2) |
whether the authorised fund is a UCITS scheme or a non-UCITS retail scheme. |
|
Investment powers in eligible markets |
||
2 |
A statement that, subject to any restriction in the rules in this sourcebook or the instrument constituting the scheme, the scheme has the power to invest in any eligible securities market or deal on any eligible derivatives market to the extent that power to do so is conferred by COLL 5 (Investment and borrowing powers). |
|
Unitholder's liability to pay |
||
3 |
A provision that a unitholder is not liable to make any further payment after he has paid the price of his units and that no further liability can be imposed on him in respect of the units which he holds. |
|
Base currency |
||
4 |
A statement of the base currency of the scheme. |
|
Valuation and pricing |
||
5 |
A statement setting out the basis for the valuation and pricing of the scheme. |
|
Duration of the scheme |
||
6 |
If the scheme is to be wound up after a particular period expires, a statement to that effect. |
|
Object of the scheme |
||
7 |
A statement: |
|
(1) |
as to the object of the scheme, in particular the types of investments and assets in which it and each sub-fund (where applicable) may invest; and |
|
(2) |
that the object of the scheme is to invest in property of that kind with the aim of spreading investment risk and giving unitholders the benefits of the results of the management of that property. |
|
27A |
Where the authorised fund is a qualifying money market fund, a statement to that effect and a statement that the authorised fund's investment objectives and policies will meet the conditions specified in the definition of qualifying money market fund. |
|
5Property Authorised Investment Funds |
||
57B |
For a property authorised investment fund, a statement that: |
|
(1) |
it is a property authorised investment fund; |
|
(2) |
no body corporate may seek to obtain or intentionally maintain a holding of more than 10% of the net asset value of the fund; and |
|
(3) |
in the event that the authorised fund manager reasonably considers that a body corporate holds more than 10% of the net asset value of the fund, the authorised fund manager is entitled to delay any redemption or cancellation of units in accordance with 18 if the authorised fund manager reasonably considers such action to be: |
|
(a) necessary in order to enable an orderly reduction of the holding to below 10%; and |
||
(b) in the interests of the unitholders as a whole.11 |
||
Government and public securities: investment in one issuer |
||
8 |
Where relevant, for a UCITS scheme, a statement in accordance with COLL 5.2.12 R (Spread: government and public securities) as to the individual states or bodies in which over 35% of the value of the scheme may be invested in government and public securities. |
|
Classes of unit |
||
9 |
A statement: |
|
(1) |
specifying the classes of unit that may be issued, and for a scheme which is an umbrella, the classes that may be issued in respect of each sub-fund; and |
|
(2) |
if the rights of any class of unit differ, a statement describing those differences in relation to the differing classes. |
|
Authorised fund manager's charges and expenses |
||
10 |
A statement setting out the basis on which the authorised fund manager may make a charge and recover expenses out of the scheme property. |
|
Issue or cancellation directly through the ICVC or trustee |
||
11 |
Where relevant, a statement authorising the issue or cancellation of units to take place through the ICVC or trustee directly. |
|
In specie issue and cancellation |
||
12 |
Where relevant, a statement authorising payment for the issue or cancellation of units to be made by the transfer of assets other than cash. |
|
Restrictions on sale and redemption |
||
13 |
Where relevant, the restrictions which will apply in relation to the sale and redemption of units under COLL 6.2.16 R (Sale and redemption). |
|
Voting at meetings |
||
14 |
The manner in which votes may be given at a meeting of unitholders under COLL 4.4.8 R (Voting rights). |
|
Certificates |
||
15 |
A statement: |
|
(1) |
authorising the issue of bearer certificates if any, and how such holders are to identify themselves; and |
|
(2) |
authorising the person responsible for the register to charge for issuing any document recording, or for amending, an entry on the register, other than on the issue or sale of units. |
|
Income |
||
16 |
A statement setting out the basis for the distribution or re-investment of income. |
|
Income equalisation |
||
17 |
Where relevant, a provision for income equalisation. |
|
Redemption or cancellation of units on breach of law or rules |
||
18 |
A statement that where any holding of units by a unitholder is (or is reasonably considered by the authorised fund manager to be) an infringement of any law, governmental regulation or rule, those units must be redeemed or cancelled. |
|
ICVCs: larger and smaller denomination shares |
||
19 |
A statement of the proportion of a larger denomination share represented by a smaller denomination share for any relevant unit class. |
|
ICVCs: resolution to remove a director |
||
20 |
A statement that the ICVC may (without prejudice to the requirements of regulation 21 of the OEIC Regulations (The Authority's approval for certain changes in respect of a company), by a resolution passed by a simple majority of the votes validly cast for and against the resolution at a general meeting of unitholders, remove a director before his period of office expires, despite anything else in the ICVC's instrument of incorporation or in any agreement between the ICVC and that director. |
|
ICVCs: unit transfers |
||
21 |
A statement that the person designated for the purposes of paragraph 4 of Schedule 4 to the OEIC Regulations (Share transfers) is the person who, for the time being, is the ACD of the ICVC.1 7 |
|
ICVCs: Charges and expenses |
||
22 |
A statement that charges or expenses of the ICVC may be taken out of the scheme property.10 |
|
10ICVCs: Umbrella schemes - principle of limited recourse |
||
1022A |
For an ICVC which is an umbrella, a statement that the assets of a sub-fund belong exclusively to that sub-fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the umbrella, or any other sub-fund, and shall not be available for any such purpose. |
|
AUTs: governing law for a trust deed |
||
23 |
A statement that the trust deed is made under and governed by the law of England and Wales, Wales or Scotland or Northern Ireland. |
|
AUTs: trust deed to be binding and authoritative |
||
24 |
A statement that the trust deed: |
|
(1) |
is binding on each unitholder as if it had been a party to it and that it is bound by its provisions; and |
|
(2) |
authorises and requires the trustee and the manager to do the things required or permitted of them by its terms. |
|
AUTs: declaration of trust |
||
25 |
A declaration that, subject to the provisions of the trust deed and all rules made under section 247 of the Act (Trust scheme rules) and for the time being in force: |
|
(1) |
the scheme property (other than sums standing to the credit of the distribution account) is held by the trustee on trust for the unitholders according to the number of units held by each unitholder or, where relevant, according to the number of undivided shares in the scheme property represented by the units held by each unitholder; and |
|
(2) |
the sums standing to the credit of the distribution account are held by the trustee on trust to distribute or apply them in accordance with COLL 6.8 (Income: accounting, allocation and distribution). |
|
AUTs: trustee's remuneration |
||
26 |
Where relevant, a statement authorising payments to the trustee by way of remuneration for its services to be paid (in whole or in part) out of the scheme property. |
|
AUTs: responsibility for the register |
||
27 |
A statement identifying the person responsible under the rules for the maintenance of the register. |
|
3Investment in overseas4 property through an intermediate holding vehicle |
||
328 |
3If investment in an overseas4 immovable is to be made through an intermediate holding vehicle or a series of intermediate holding vehicles, a statement that the purpose of that intermediate holding vehicle or series of intermediate holding vehicles will be to enable the holding of overseas4 immovables by the scheme. |
Activities set out in Annex I of the BCD1
Table 1: BCD activities |
Part II RAO Activities |
Part III RAO Investments |
|
1. |
Acceptance of deposits and other repayable funds from the public |
Article 5 |
Article 74 |
2. |
Lending |
Article 61, 64 |
Article 88 |
3. |
Financial leasing |
||
4. |
Money transmission services |
||
5. |
Issuing and administering means of payment (eg credit cards, travellers' cheques and bankers' drafts) |
||
6. |
Guarantees and commitments |
||
7. |
Trading for own account or for account of customers in: (a) money market instruments (b) foreign exchange (c) financial futures and options (d) exchange and interest rate instruments (e) transferable securities |
Article 14, 21, 25 (see Note 1), 64 Article 14, 21, 25, 64 Article 14, 21, 25, 64 Article 14, 21, 25, 64 Article 14, 21, 25, 64 |
Article 77, 78, 80, 83-85, 89 Article 83-85, 89 Article 83-85, 89 Article 83-85, 89 Article 76-81, 89 |
8. |
Participation in share issues and the provision of services relating to such issues |
Article 14, 21, 25, 53, 64 |
Article 76-81, 89 |
9. |
Advice to undertakings on capital structure, industrial strategy and related questions and advice and services relating to mergers and the purchase of undertakings |
Article 14, 21, 25, 53, 64 |
Article 76-80, 83-85, 89 |
10. |
Money broking |
Article 25, 64 |
Article 77, 78, 89 |
11. |
Portfolio management and advice |
Article 14, 21, 25, 37, 53, 64 |
Article 76-81, 83-85, 89 |
12. |
Safekeeping and administration of securities |
Article 40, 45, 64 |
Article 76-81, 83-85, 89 |
13. |
Credit reference services |
||
14. |
Safe custody services |
1 | 1 | 1
3Note 12: The services and activities provided for in Sections A and B of Annex I of MiFID when referring to the financial instruments provided for in Section C of Annex I of that Directive are subject to mutual recognition according to the BCD from 1 November 2007.See2 the table at SUP App 3.9.5 G below for mapping of MiFIDinvestment services and activities.For further details relating to this residual category, please see the "Banking Consolidation Directive"section of the passporting forms entitled "Notification of intention to establish a branch in another EEA State" and "Notification of intention to provide cross border services in another EEA State".2 2 |