Exams

Appropriate Exam Standards

As you will be aware the FSSC has developed, in consultation with the industry, new benchmark Appropriate Exam (ApEx) standards for retail investment advisers. These have been used by awarding organisations to create new qualifications which, if they meet the standard, will be included on a revised Appropriate Exams List. If you require guidance on FSA rules, including Appropriate Exams and how they apply to firms or individuals please contact the FSA on 0207 066 0990.

Appropriate Examination Standards

Appropriate Examination Standards have now been set for the following regulated activities.

Acting as a Pension Transfer Specialist (pdf)
Advising on syndicate participation at Lloyd’s (pdf)
Acting as a Broker Fund Adviser (pdf)
Advising on Friendly Society tax-exempt policies (pdf)
Retail Investment Advice (pdf)
Mortgage Advice (pdf)
Lifetime Mortgage Activities (pdf)
Long Term Care Insurance (pdf)
Overseeing Life Policy Administration (pdf)
Overseeing Investment Management Administration (pdf)
Overseeing Stakeholder Pension Administration (pdf)
Overseeing Collective Investment Schemes (pdf)
Overseeing Safeguarding Client Money (pdf)
Overseeing Stakeholder Pension Scheme Decision Trees (pdf)
Advising on investments which are (but not dealing in) derivatives only (pdf)
Advising on investments which are (but not dealing in) securities (other than stakeholder pension schemes or broker funds) and derivatives (pdf)
Advising on investments which are (but not dealing in) securities (other than stakeholder pensions schemes or broker funds) only (pdf)
Advising on investments which are, or dealing with or for clients in derivatives only (pdf)
Advising on investments which are, or dealing with or for clients in, securities (other than stakeholder pension schemes or broker funds) and derivatives (pdf)
Advising on investments which are, or dealing with or for clients in, securities (other than stakeholder pension schemes or broker funds) only (pdf)
Managing Investments (pdf)
Equity Release (pdf)

Advice to accompany overseeing standards - Click here

Advice to accompany securities and derivatives standards - Click here

Advice to accompany managing investments standards – Click here

The table below lists the FSA's TC Sourcebook reference, the activity it covers and the appropriate exam standard(s) for that activity.

Exam list activity number	FSA TC Sourcebook reference	Activity (For the full activity title and appropriate exams please click on the link)	Appropriate Examination Standards
4	TC 1 R 4	Advising on investments which are packaged products	ApEx1 UK Financial Services, Regulation and Ethics plus ApEx2 Investment and Risk ApEx3 Protection ApEx4 Retirement Planning
20	TC 1 R 20	Advising on a regulated mortgage contract	ApEx 5 Mortgage Advice plus ApEx 1 UK Financial Services, Regulation and Ethics
21	TC 1 R 21	Advising on a regulated lifetime mortgage contract (This activity is now incorporated into the Equity Release advisory activity)	ApEx 6 Lifetime Mortgage Advice plus ApEx 1 UK Financial Services, Regulation and Ethics ApEx 5 Mortgage Advice
22	TC 1 R 22	Designing scripted questions for sales of regulated lifetime mortgage contracts (This activity is now incorporated into the Equity Release designing scripted questions activity)	ApEx 6 Lifetime Mortgage Advice plus ApEx 1 UK Financial Services, Regulation and Ethics ApEx 5 Mortgage Advice
23	TC 1 R 23	Overseeing the sales of regulated lifetime mortgages (This activity is now incorporated into the Equity Release overseeing activity)	ApEx 6 Lifetime Mortgage Advice plus ApEx 1 UK Financial Services, Regulation and Ethics ApEx 5 Mortgage Advice
7	TC 1 R 7	Advising on investments which are long term care insurance contracts	ApEx 7 Long Term Care Insurance plus ApEx1 UK Financial Services, Regulation and Ethics ApEx2 Investment and Risk ApEx3 Protection ApEx4 Retirement Planning
18	TC 1 R 18	Overseeing life policy administration	ApEx1 UK Financial Services, Regulation and Ethics plus either ApEx12 Overseeing Life Policy Administration (A) (Life policies) or ApEx12 Overseeing Life Policy Administration(B) (Pensions)
17	TC 1 R 17	Overseeing investment management administration	ApEx8 The UK Financial Services Industry, its Regulation and Conduct plus Learning outcomes from ApEx10 Overseeing Safeguarding and Administering Investments and/or ApEx 11 Overseeing investment management administration as appropriate for particular job role
19	TC 1 R 19	Overseeing Stakeholder Pension Scheme Administration	ApEx1 UK Financial Services, Regulation and Ethics plus ApEx14 Overseeing Stakeholder Pension Scheme Administration
15	TC 1 R 15	Overseeing Collective Investment Schemes	ApEx8 The UK Financial Services Industry, its Regulation and Conduct plus ApEx9 Overseeing Collective Investment Schemes
16	TC 1 R 16	Overseeing Safeguarding and Administering Investments	ApEx8 The UK Financial Services Industry, its Regualtion and Conduct plus Learning outcomes from ApEx10 Overseeing Safeguarding and Administering Investments and/or ApEx 11 Overseeing investment management administration as appropriate for particular job role
28	TC 2.1.4R	Overseeing Stakeholder Pension Scheme Decision Trees (Please note that this activity has now been deleted from the Appropriate Exam List due to non- participation of the activity)	ApEx1 UK Financial Services, Regulation and Ethics plus ApEx13 Overseeing Stakeholder Pension Scheme Decision Trees
3	TC 1 R 3	Advising on (but not dealing in) investments which are derivatives only	ApEx 1 UK Financial Services, Regulation and Ethics ApEx 2 Investment and Risk ApEx 17 Advising on (but not dealing in) investments which are derivatives only
7	TC 2.1.4 R	Advising on (but not dealing in) investments which are securities (other than stakeholder pensions schemes or broker funds) and derivatives (Please note that this activity has been separated into separate activities in Securities and Derivatives individually)	ApEx 1 UK Financial Services, Regulation and Ethics ApEx2 Investment and Risk ApEx15 Advising on (but not dealing in) investments which are securities (other than stakeholder pension schemes or broker funds) and derivatives
2	TC 1 R 2	Advising on (but not dealing in) investments which are securities (other than stakeholder pension schemes or broker funds) only	ApEx1 UK Financial Services, Regulation and Ethics ApEx2 Investment and Risk ApEx16 Advising on (but not dealing in) investments which are securities (other than stakeholder pension schemes or broker funds) only
13	TC 1 R 13	Advising on, and dealing with or for clients in, investments which are derivatives only	ApEx1 UK Financial Services, Regulation and Ethics ApEx2 Investment and Risk ApEx17 Advising on, and dealing with or for clients in, investments which are derivatives only
17	TC 2.1.4 R	Advising on, and dealing with or for clients in investments which are securities (other than stakeholder pensions schemes or broker funds) and derivatives (Please note that this activity has been separated into separate activities in Securities and Derivatives individually)	ApEx1 UK Financial Services, Regulation and Ethics ApEx2 Investment and Risk ApEx15 Advising on, and dealing with or for clients in, investments which are securities (other than stakeholder pension schemes or broker funds) and derivatives
12	TC 1 R 12	Advising on, and dealing with or for clients in, investments which are securities (other than stakeholder pension schemes or broker funds) only	ApEx1 UK Financial Services, Regulation and Ethics ApEx2 Investment and Risk ApEx16 Advising on, and dealing with or for clients in, investments which are securities (other than stakeholder pensions schemes or broker funds) only
14	TC 1 R 14	Managing Investments	ApEx8 The UK Financial Services Industry, its Regulation and Conduct plus ApEx19 Managing Investments
21	TC 1 R 21	Advising a customer on a home reversion plan (This activity is now incorporated into the Equity Release advisory activity)	ApEx 20 Equity Release plus ApEx 1 UK Financial Services, Regulation and Ethics ApEx 5 Mortgage Advice
22	TC 1 R 22	Designing scripted questions for use in sales to customers of home reversion plans which do not involve personal recommendations (This activity is now incorporated into the Equity Release designing scripted questions activity)	ApEx 20 Equity Release plus ApEx 1 UK Financial Services, Regulation and Ethics ApEx 5 Mortgage Advice
23	TC 1 R 23	Overseeing on a day-to-day basis the sales to customers of home reversion plans which do not involve personal recommendations (This activity is now incorporated into the Equity Release overseeing activity)	ApEx 20 Equity Release plus ApEx 1 UK Financial Services, Regulation and Ethics ApEx 5 Mortgage Advice
6	TC 1 R 6	Advising on Friendly Society tax-exempt policies	ApEx1 UK Financial Services, Regulation and Ethics
10	TC 1 R 10	Acting as a Broker Fund Adviser	ApEx1 UK Financial Services, Regulation and Ethics ApEx19 Managing Investments
9	TC 1 R 9	Advising on syndicate participation at Lloyd’s	ApEx22 Lloyd’s Syndicate participation
11	TC 1 R 11	Acting as a Pension Transfer Specialist	ApEx1 UK Financial Services, Regulation and Ethics ApEx2 Investment and Risk ApEx4 Retirement Planning ApEx21 Pension Transfer Specialist

The standards are available for:

Employers and individuals to understand what has to be achieved to meet the requirements for knowledge and understanding for the activities listed above;
Awarding bodies to produce examinations that meet the requirements of the Standards.

Awarding bodies will bring forward examinations to be accredited against these standards. Accredited examinations will be added to the List of Appropriate Examinations in due course.