The Examination Review

The Examination Review is a sweeping overview of all qualifications for financial services professionals with the aim of reflecting the needs of the sector in setting up a clear industry-wide, single qualifications framework.

The Financial Services Authority (FSA) began the Examination Review in 2001 after inheriting a plethora of 500 approved examination routes and a multitude of designations from previous regulatory bodies. However, this task did not sit comfortably with its role as industry regulator. So, when the Financial Services Skills Council was formed in 2003, the FSA asked the Skills Council to complete the Examination Review and to determine examinations appropriate to certain regulated activities. The Skills Council has subsequently changed the emphasis from 'Approved' exams to 'Appropriate' exams.

The FSA's Training and Competence Rules make it quite clear that the responsibility for ensuring that individuals have passed a relevant examination rests with the individual's firm. The transition from 'approved' examinations to 'appropriate' does not change this requirement.

Appropriate means 'fit for purpose'. The FSA's remit is to protect consumers by ensuring that firms employ competent people. The Financial Services Skills Council supports this remit, and intends that all examinations and qualifications used in the sector will represent sound business investment because they do the following:

• Protect consumers, thus improving the reputation of the firm
• Add value to the business, because they equip individuals to perform competently
• Add value for those that pass examinations, because they enhance career prospects in the sector.

The FSSC is currently reviewing the consultation feedback received on the final four strands of the exam review and are looking to publish the final exam standards in December.

• Strand 5 - T C 2.1.4 R (1) (g) – Advising on investments which are friendly society tax exempt policies only. 
• Strand 6 – T C 2.1.4 R (1) (m) – Acting as a broker fund adviser.
• Strand 7 – T C 2.1.4 R (1) (n) – Advising on syndicate participation at Lloyd’s.
• Strand 8 – T C 2.1.4 R (1) (o) – Acting as a pension transfer specialist.

For more information, please contact Steven Poss on 0845 618 2363 or via steven.poss@fssc.org.uk

For the List of Appropriate Examinations, please click here.

For the Examination Standards, please click here.