Exams

Appropriate Exam List

From the 28 June the FSSC will no longer be providing the Exams helpline. 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.

FSA confirms list of Retail Distribution Review adviser qualifications

28 June 2010

"The Financial Services Authority (FSA) has today published the final list of qualifications retail investment advisers will need to pass before 1 January 2013. This provides the certainty advisers need to prepare for the implementation of the Retail Distribution Review (RDR) requirements"

Professional Consultation paper (FSA website)

FSA Consultation Paper 10/12 Competence and Ethics June 2010

This consultation paper, will amongst other things, consider the existing qualification arrangements and who should be responsible for its maintenance. The FSA will consult on including the lists of qualifications meeting regulatory requirements within the FSA handbook, rather than the FSSC developing the ApEx standards with the industry and then maintaining the list on behalf of the FSA. This consultation will close on the 6 September 2010 and a policy statement will be published towards the end of 2010. The FSSC will be responding to this CP once it has consulted with the industry. Our response will be published on our wbesite.

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T&C Sourcebook Review

Due to the review of the T&C sourcebook, the wording and numbering of the FSA regulated activities below have had some minor changes.

For further information, please visit the TC Appendix 1 on the FSA website.

Legacy Qualifications

Due to the large amount of appropriate examinations on the Appropriate Exam List, some of which are no longer available, the FSSC has decided to archive a number of these appropriate examinations for the majority of the regulated activities below. These examinations will remain appropriate examinations but will be accessible at legacy qualifications. This will allow the user to first view appropriate examinations that meet the FSSC's appropriate examination standards (AES) and are currently available.

Recommended Exam List

Due to the disapplication of the appropriate examination requirements for wholesale business (CP05/10 & FS06/1), the Financial Services Services Council (FSSC) has developed a recommended exam list.

The recommended exam list will provide guidance to firms and individuals as to the exams they can take if they wish to. Examinations on the list are offered by awarding bodies subject to a third party quality assurance mechanism and match national occupational standards (NOS) where they exist.

How to use the Appropriate Exams List

To use the list, click on the category below that describes the activity you are undertaking. This will list all the appropriate exams for that activity. Then click on the Key to find out if the exam covers the complete requirement or if you need further exams, eg, if an exam falls under Key 2 you will need to take an exam from Key 3 as well.

You might also find that an exam covers more than one Key, eg, CeFA paper 1 or FPC paper 1 might cover both Key 4 and Key 5. You can also do a search by exam, awarding body, etc.

No.	Activity	Activity Number in TC Appendix 1R
1	Providing basic advice on Stakeholder products excluding a deposit-based stakeholder product	1
2	Advising on (but not dealing in) Securities (which are not stakeholder pension schemes or broker funds)	2
3	Advising on (but not dealing in) Derivatives	3
4	Advising on Packaged products (which are not broker funds)	4
5	Advising on Friendly Society life policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales	5
6	Advising on Friendly Society tax exempt policies	6
7	Advising on Long-term care insurance contracts	7
8	Advising on investments in the course of corporate finance business	8
9	Advising on syndicate participation at Lloyd's	9
10	Acting as a Broker fund adviser	10
11	Acting as a Pension transfer specialist	11
12	Advising on, and dealing with or for clients in, Securities (which are not stakeholder pension schemes or broker funds)	12
13	Advising on, and dealing with or for clients in, Derivatives	13
14	Managing investments	14
15	Overseeing on a day-to-day basis operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme	15
16	Overseeing on a day-to-day basis safeguarding and administering investments or holding client money	16
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, PEP or CTF administration; - (v) investment trust savings scheme administration	17
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	18
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	19
20	Advising a customer on a regulated mortgage contract (for a non-business purpose)	20
21	Advising a customer on Equity release transactions	21
22	Designing scripted questions for non-advised sales on Equity release transactions	22
23	Overseeing non-advised sales on a day-to-day basis on Equity release transactions	23
24	Advising on Non-investment insurance contracts	24