Competence Notification for Financial Advisers
As of July 2011, all firms with retail investment advisers will be required to notify the Financial Services Authority (FSA) of competence and ethics issues that arise with their advisers.
The requirement is that firms should notify if a retail investment adviser:
- is no longer considered competent;
- failed to attain an appropriate qualification within the prescribed time limit;
- failed to comply with a Statement of Principle (APER); or
- performed an activity without demonstrating competence and without supervision
Interesting that the FSA require the notification of non competence to be on a Competence Notification Submission Form.
Take a look at breatheHR and how it can help financial advisers demonstrate compliance with professional standards regulations.