FAQs

1. How do I find out from your list of Appropriate Examinations which examination I should take?
2. How do I find out about the FSA's Training and Competence rules?
3. What do the different key numbers mean in relation to the different exams?
4. I want to become an Independent Financial Adviser. What exams do I have to do?
5. I previously met the MCCB requirements to give mortgage advice, will I be required to take any further examinations?
6. I want to be a mortgage adviser. What exams do I have to do?
7. If I pass the FPC/CeFA/CeMAP can I set up as an adviser/mortgage broker?
8. I want to take the FSA exam. What do I have to do?
9. Which exam on your list do you recommend?
10. I want to be a stockbroker. What exams do I need?
11. I am being registered as CF21. What exams do I need?
12. I am being transferred from CF21 to CF27. Do I need to undertake further exams?
13. I want to be a trader/dealer. What exams do I need?
14. I am coming to the UK from overseas where I have been advising on/managing investments. Are my qualifications transferable?
15. Can I get exemptions from an appropriate exam because of other qualifications I hold?
16. My qualification does not appear on the appropriate list but I feel I should be given a waiver because of my experience.
17. I passed my exams several years ago. Are they still valid?
18. I left the industry four years ago to do something different. I now want to get back into financial services. Do I have to retake my exams?
19. What exams will I have to do under the new regulation for general insurance?
20. Do I have to take an exam from the appropriate exam list or can I or my employer choose an exam outside of the list?
21. Now the G60 examination has been withdrawn, is there another single examination that I can take instead for the pension transfer specialist controlled function (CF24)?
22. For lifetime mortgage advisers, is the requirement to pass an exam based on Apex 2 (investment and risk) changing?

How do I find out from your list of Appropriate Examinations which examination I should take?

You should first determine which Training and Competence activity you are carrying out from the list of activities included within our list of Appropriate Examinations.

For each of those activities, there is a list of examinations which we regard as appropriate for the activity. Under the FSA’s rules, you must pass an appropriate examination as part of the process of attaining competence for each of the activities shown within our list. If you are carrying out one of those activities, the firm for which you work must decide on an appropriate examination for your role. The firm can select an appropriate exam from our list.

If advising private customers, the FSA’s rules require you to pass the relevant regulatory module of an Appropriate Examination before starting the activity under supervision. The firm must determine which is the relevant regulatory module and can select it from our list of Appropriate Examinations.

Where there is no FSA examination requirement for your role, you firm may still wish you to pass an examination. To find out details of a particular exam i.e. costs, duration, exam dates, request a replacement certificate or obtain past examination papers, you should contact the relevant awarding/exam body.

How do I find out about the FSA's Training and Competence rules?

What do the different key numbers mean in relation to the different exams?

Key 1 covers the complete training and competence requirement.  Therefore you will only be required to complete that exam only.  If an exam falls under Key 2 you will need to take an exam from Key 3 as well.

Keys 4, 5 and 6 will need to be met individually, therefore you will be required to complete an exam from Key 4, 5 and 6 to meet the training and competence requirements for that particular activity.

All three stages of the appropriate examinations in Keys 4, 5 and 6 must be passed.

I want to become an Independent Financial Adviser. What exams do I have to do?

It depends on the Training and Competence activity to be carried out and the type of product to be advised on.  Your firm should decide on an Appropriate Exam for you based on your job function.  The exam can be selected from our list of Appropriate Exams - See Question 1 above.

If advising private customers, you would need to pass the relevant regulatory module of an Appropriate Exam before starting to advise under supervision.  You would also need to be assessed as competent before you can give advice unsupervised.

For general careers information click here.

I previously met the MCCB requirements to give mortgage advice, will I be required to take any further examinations?

For 'grandfathering' please see the relevant FSA transitional rule at:-

http://www.fsa.gov.uk/Pages/Doing/Info/MGI/FAQs/training.shtml

MCCB requirements for those advising on standard mortgage contracts only,

From 31 October 2004, the requirement will be that those advising on regulated standard mortgage contracts must pass an examination that meets the requirement of the Appropriate Examination Standards, as follows:-

ApEx1 UK Financial Services, Regulation and Ethics

ApEx5 Mortgage Advice

Mortgage advisers who have met MCCB's examination requirements before 31 October 2004 assuming they are grandfathered will not be required to take additional examinations.

MCCB requirements for those

(i) Advising on lifetime mortgage contracts

(ii) Designing scripted questions for use in sales to customers of regulated lifetime mortgage contracts which do not involve personal recommendations

(iii) Overseeing on a day to day basis non-advised sales of lifetime mortgage contracts

From 31 October 2004, those

• Designing scripted questions for use in sales to customers of regulated lifetime mortgage contracts which do not involve personal recommendations or
• Overseeing on a day to day basis non-advised sales of lifetime mortgage contracts
• Advising a customer on a regulated lifetime mortgage contract

Must pass an examination that meets the Examination Standards for:-

ApEx1 UK Financial Services, Regulation and Ethics

ApEx2 Investment and Risk

ApEx5 Mortgage Advice

ApEx6 Lifetime Mortgage Advice

Those engaging in the mortgage activities listed in 1-3 above who have met MCCB's requirements before 31 October 2004 will not be required to pass an additional examination.

I want to be a mortgage adviser. What exams do I have to do?

Since 31 October 2004, certain types of mortgage advice have been regulated by the FSA.  The two types of mortgage advice for which there is an FSA exam requirement are advising on regulated standard mortgage contracts (other than for a business purpose) and advising on regulated lifetime mortgage contracts.  There are different qualifications in our list of Appropriate Exams depending on which type of mortgage advice you are undertaking.  Please see our list for the different options.  The firm you work for can select the exam from our list of Appropriate Exams - See Question 1 above.

If advising private customers you would need to pass the relevant regulatory module of an Appropriate Exam before starting to advise under supervision.  You would also need to be assessed as competent before you can give advice unsupervised.

For general careers information click here.

If I pass the FPC/CeFA/CeMAP can I set up as an adviser/mortgage broker?

You must pass an Appropriate Exam if you are going to give investment advice, advise on regulated standard mortgage contracts (other than for a business purpose) or advise on regulated lifetime mortgage contracts.  The firm can select the exam from our list of Appropriate Exams - see Question 1 above.  You will be able to see from our list if the above exams are regarded by us as appropriate for the activity in question.

If advising private customers, you would need to pass the relevant regulatory module of an Appropriate Exam before starting to advise under supervision.

You would also have to be authorised by the FSA, if you were going to give investment advice or advise on regulated mortgage contracts.

For questions on regulation of investment advice or mortgages, you should contact the FSA.  See the bottom of the page for contact details.

I want to take the FSA exam. What do I have to do?

Which exam on your list do you recommend?

I want to be a stockbroker. What exams do I need?

The exam you need to pass depends on the Training and Competence activity you will be carrying out and, if you are giving investment advice, the product(s) you will be advising on.  The firm you work for should decide on an Appropriate Exam for you based on your job function from the list of appropriate exams - see Question 1 above.

If advising private customers you would need to pass the relevant regulatory module of an Appropriate Exam before starting to advise under supervision.

For general careers information click here.

I am being registered as CF21. What exams do I need?

Which exams you need to pass depends on which of the Training and Competence activities shown in our list of Appropriate Exams you are going to carry out.  CF21 is the controlled function for an investment adviser under the FSA's rules.  You need to look at our list to see what exams we regard as appropriate for the type of investment advice you are going to give.  The firm you work for should decide on an appropriate exam for you based on your job function from the list of appropriate examinations - see Question 1 above.

If advising private customers you would need to pass the relevant regulatory module of an appropriate exam before starting to advise under supervision.

To find out what the FSA's rules are regarding registration or approval in a controlled function, please contact the FSA via the contact details at the bottom of the page.

I am being transferred from CF21 to CF27. Do I need to undertake further exams?

CF27 is the control function for investment management under the FSA's rules.  As an investment manager, you will have to pass an Appropriate Examination as part of the process of attaining competence.  Your firm should decide on an appropriate exam for you based on your role from the list of appropriate examinations - see Question 1 above.  You may already have sufficient qualifications from when you were CF21 but your firm should determine if you need to pass further qualifications.

If managing investments for private customers, you would need to pass the relevant regulatory module of an appropriate exam before starting to manage under supervision.

To find out what the FSA's rules are regarding registration or approval in a controlled function, please contact the FSA via the contact details given at the bottom of the page.

I want to be a trader/dealer. What exams do I need?

I am coming to the UK from overseas where I have been advising on/managing investments. Are my qualifications transferable?

Many overseas qualifications are included on our list of Appropriate Examinations as 'Key 2' qualifications.  The firm you are going to work for in the UK will have to decide if it is an appropriate Key 2 exam for your role.  If it is, then the firm will then have to ensure that you pass the relevant regulatory module of an appropriate examination, which it can select from our list for the activity in question (from Key 3).  If your qualification is not an appropriate Key 2 examination, the firm will (under FSA's rules) have to ensure you pass a full appropriate examination - see Question 1 above.  Full appropriate examinations appear on our list as Key 1 examinations.

If you have not got any qualifications, but you think that you have up-to-date relevant experience, we recommend that you contact the FSA to find out if any exemptions or waivers are available on the basis of your overseas experience.  See the bottom of the page for FSA contact details.

Can I get exemptions from an appropriate exam because of other qualifications I hold?

My qualification does not appear on the appropriate list but I feel I should be given a waiver because of my experience.

For further information on waivers and exemptions you should contact the FSA.  Contact details can be found at the bottom of the page.

I passed my exams several years ago. Are they still valid?

I left the industry four years ago to do something different. I now want to get back into financial services. Do I have to retake my exams?

What exams will I have to do under the new regulation for general insurance?

The one general insurance activity within the scope of the FSA's detailed Training and Competence requirements is advising retail customers on regulated general insurance products.  There is no FSA exam requirement for this activity under the FSA's rules.  However, your company may require you to undertake an exam of its choice.

For questions on general insurance regulation generally, you should contact the FSA.  Contact details can be found at the bottom of the page.

Do I have to take an exam from the appropriate exam list or can I or my employer choose an exam outside of the list?

The FSA does not require individuals to pass an examination on the Financial Services Skills Council (FSSC) list of Appropriate Examinations.  The firm can select an appropriate exam from the FSSC's list or it can select it from another source.  However, it does provide a safe harbour to the firm, if it makes it selection from the FSSC's list and can validly justify the appropriateness of the examination.  If the firm selects an appropriate examination from a source other than the FSSC's list, it may find it more difficult to provide a valid justification of its appropriateness.

FSA Contact details

If you are an individual, please contact the Consumer Contact Centre either on 0845 606 1234 or via Consumerhelp@fsa.gov.uk

If you are asking on behalf of a regulated firm, please contact the Firm Contact Centre either on 0845 606 9966 or via fcc@fsa.gov.uk

FSA website:- http://www.fsa.gov.uk/

FSA Training & Competence Sourcebook:-

http://fsahandbook.info/FSA/handbook.jsp?doc=/handbook/TC

Now the G60 examination has been withdrawn, is there another single examination that I can take instead for the pension transfer specialist controlled function (CF24)?

For lifetime mortgage advisers, is the requirement to pass an exam based on Apex 2 (investment and risk) changing?

Since the lifetime mortgage standards were developed in 2004, the FSSC has received a great deal of feedback from the industry indicating that it is not appropriate for ApEx2 to be included within the requirements for lifetime mortgage advisers. The decision to remove the ApEx2 requirement for lifetime mortgage advisers was taken as a direct result of this feedback.

Although it will no longer be a requirement, the FSSC will make a strong recommendation that lifetime mortgage advisers do take an exam based on ApEx2.