Training and competence

Question 1

Which source book provides high level rules on training and competence?

Answer 1

SYSC - senior management arrangements, systems and controls sourcebook

Question 2

What 3 areas does the FCA state as key to training and competence which firms must consider?

Answer 2

Assessing competence

Maintaining competence

Record-keeping

Question 3

For firms advising in insurance, how many years must a company keep the records of training/assessment of its employees?

Answer 3

At least 3 years from the time that the employee stopped doing the role

Question 4

Under the insurance distribution directive how many hours training/development is needed by insurance staff each year?

Answer 4

15 hrs

Question 5

Within an insurance broker, which role is subject to the FCA rules around training and competence?

Answer 5

Advisors