12056141
Description
Mind Map by MARTHA MADRIZ, updated more than 1 year ago
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Created by MARTHA MADRIZ
about 6 years ago
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Minimum Competency Code
- Fitness
requirement
- CENTRAL BANK
- DUE DILIGENCE
- CONTRIOL FUNCTIONS
- Compliance Managers
- Personal Financial Adviser
- Managers/supervisor of CFs
- Complaint Managers
- Compliance Managers
- ensure CF are compliant with Fitness & Probity code and Standars
- Fitness
- Evidence on compliance with Minimum Competency Code
- Through qualificatioin
- Grandfathering
- Through qualificatioin
- Evidence of Professional qualifications as applicable
- Evidence of CDP where maintenance of relevant qualification
require completing Continuing Professional Development
CDP
- Record of Interview and application
- References: The Central Bank expects expects firms to
make all reasonable efforts to obtain refs from former
employers and to maintain those records
- References: The Central Bank expects expects firms to
make all reasonable efforts to obtain refs from former
employers and to maintain those records
- Records Of Previous Experience
- Details of any current responsability
- Competent
- Capable
- Evidence on compliance with Minimum Competency Code
- PROBITY
- SELF CERTIFY -CF
- COMPANY to seek written confirmation
from proposed CF
- Garda check/convictiond
- Regulator Check
- Judgement Check
- COMPANY to seek written confirmation
from proposed CF
- honest
- ethical
- with integrety
- financial soundness
- SELF CERTIFY -CF
- Fitness
- CONTRIOL FUNCTIONS
- DUE DILIGENCE
- CENTRAL BANK
- Applies to ALL individuals
- working for
Firms
- Advise on and Sale
Financial Product
- Manager of Personal
Financial Adviser
- Claim Managers
- Complaints Managers
- Fitness and Probity Standards
- NEED to meet
- UNLESS
- Hold 1 or more recognize
Qualification relevant to the role
- QFA
- CPD Continuing Professional
development requiriments
- CPD Continuing Professional
development requiriments
- ONGOING Compliance With
- QFA
- Granfatherdperson in
respect of function
- ONGOING Compliance With
- CPD Continuing Professional
development requiriments
- CPD Continuing Professional
development requiriments
- ONGOING Compliance With
- NEW entrant
- participating in training
- supervised by a Fathered person or
qualified person
- supervised by a Fathered person or
qualified person
- Prescribed SCRIPT function, complies with
certain Minimum Standars
- acting on behalf of a
firm, provide advice
within narrow rigid
criteria
- acting on behalf of a
firm, provide advice
within narrow rigid
criteria
- participating in training
- call centre
Staff
- Hold 1 or more recognize
Qualification relevant to the role
- UNLESS
- Fitness and Probity Standards
- Claim Managers
- Grandfathered person is COMPLIANT
with Minimum Competency Code
- ONLY IF
- on 1 jan 2007 was
acting as adviser
- 4 years in the role
- DURING
- 01 Jan 1999 - 1 Jan2007
- 01 Jan 1999 - 1 Jan2007
- DURING
- 4 years in the role
- ASSESSMENT taken and
documented by the firm
- The Firm CERTIFIED compliance with
EXPERIENCE requirement
- ONGOING Compliance With
- CPD Continuing Professional
development requiriments
- CPD Continuing Professional
development requiriments
- The Firm CERTIFIED compliance with
EXPERIENCE requirement
- on 1 jan 2007 was
acting as adviser
- ONLY IF
- working for
Firms
- PERSONAL fiNINCIAL ADVISOR
- CONSIDERED
compliant IF
- NEW ENTRANTS
- Undergoes relevant training
organised by the firm
- Obtained part of recognized qualification
- Act under immediate direction and supervision
of a qualified nominated person, or s a
grandfathered in respect of the activity
- is working towards obtaining relevant
recognised qualification
- Obtained recognized qualification within 4 years of
first starting to act as personal financial adviser
- Undergoes relevant training
organised by the firm
- NEW ENTRANTS
- CONSIDERED
compliant IF
- NEW Personal
Financial
Adviser
- inform requirement to obtain
qualification within 4 years
- Plan and monitor completion of
qualifications required
- Firm must document why exam was not
taken at first opportunity
- Must have procedures in place to ensure supervision
- The Firm
MUST
- All client documents to be check /signed off by qualify person
- Accompaniment for an initial specified period by
person who hold recognised qualification
- 1 Supervisor per 7 entrants
- Must comply with Minimum Competency
Standars
- Compliance with CPD
requirements
- Grand fathered
- complete 15 formal hours
of CPD annually
- Must maintain
written records
- Attending
directly relevant
- Seminars
- Conferences
- Lectures
- e-learning
tutorials
- Workshops or courses
- GRAND FATHERED PERSON
- Seminars
- RELATED to
Minimum
Competency
Standards
- Must maintain
written records
- complete 15 formal hours
of CPD annually
- Grand fathered
- Compliance with CPD
requirements
- Must comply with Minimum Competency
Standars
- 1 Supervisor per 7 entrants
- do not hold
recognised
qualoification
- inform requirement to obtain
qualification within 4 years
- CONSIDERED
compliant IF
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