Examination standards | FCA

Fca trading qualification

Fca trading qualification

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in relation to a firm to which CASS 68 (Claims management: client money) applies, the function of acting in the capacity of a person who is allocated the function in CASS (Organisational requirements and responsibility for CASS operational oversight). 7

FCA extends time limit for obtaining appropriate

Our training and competence regime includes a list of appropriate qualifications for firm activities and services. The content and level of these qualifications is prescribed through appropriate examination standards (AES).

Training and competence | FCA



Since the launch of , one of the most popular questions that we have regularly received relates to how you should go about training for a number of different roles in the financial services sector. Now largely the remit of the Financial Conduct Authority (FCA), it seems that the information available on this topic has always been both sparse and difficult to piece together. As a result, many professionals continue to be unsure about the exact processes and requirements that govern the whole process of becoming qualified for their roles, particularly when it comes to so-called "controlled functions".

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Firms can apply for waivers and modifications to vary Handbook rules and alter their compliance obligations. For more information please read our waiver and modification pages.

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As mentioned above, the FCA has a handbook that outlines their commitments & requirements in terms of staff competence. Their definition of competence is quite simple: having the "skills, knowledge and expertise needed to discharge the responsibilities of their role". When it comes to controlled functions, this has been translated into a number of clearly defined examination standards for each related activity. The FCA owns these standards and oversees their production as well as any changes that are requested and carried out in response to industry demands.

There was then a merging of FCA/FSA legislation and regulations. Although the structure was to change, the approach to consumers and competition remained similar. In addition, the handbook, conduct rules and objectives all retained a likeness.

Canadian Securities Course (CSC), Conduct and Practices Handbook (CPH), the Futures Licensing Course (FLC) and the Derivatives Fundamentals and Options Licensing Course (DFOL) - must include a pass in all modules (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) - all courses must be completed

ESMA has issued guidelines for MiFID investment firms specifying the characteristics and criteria for the assessment of knowledge and competence when giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm. 

The FCA has a lot of responsibilities, which include setting examination standards and outlining which qualifications meet their requirements. Assessing your level of competency is not one of them. While they specify that those performing controlled functions should be competent according to the definition included in their Training and Competence (TC) sourcebook, they are not responsible for ascertaining that this is, in fact, the case. This task is left up to individual firms, so only your employer can tell you whether you have the skills and qualifications necessary to perform the tasks that are expected of you.

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