Training and Competence
Minimum Insurance Qualifications for Authorised Insurance Representatives Advising on Long Term Insurance Business
It is mandatory for all Authorised Insurance Representatives ("AIRs") who advise on long term insurance business to attain the relevant minimum insurance qualifications. The mandatory qualification required is dependent on the long term insurance business upon which advice is given.
All AIRs must attain the minimum qualifications as follows:
- The Chartered Insurance Institute - Certificate in Financial Services or an acceptable equivalent.
The Certificate in Financial Services offers two routes to completion; both of which include modules RO1 and CF1. An AIR looking to become a Financial Adviser (see below) in the future, may wish to consider the RO1 option as this is a relevant regulatory module at Ofqual level 4.
The Certificate in Financial Planning was withdrawn by the Chartered Insurance Institute in August 2015, however it remains an acceptable equivalent to the Certificate in Financial Services.
With effect from the 12 May 2016, The Guernsey Insurance Certificate is no longer mandatory for AIRs (including FAs) advising on long term insurance products.
The above minimum qualifications apply to AIRs providing advice on permanent health, credit life assurance and any contracts on human life that are renewable annually.
On 1 January 2015 the Guernsey Financial Advice Standards (“GFAS”) were implemented through, inter alia, The Insurance Intermediaries (Conduct of Business Rules) 2014. These rules introduce the requirement for AIRs who advise on any policy or product falling under schedule 1 of the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended, excluding permanent health, credit life assurance and any contracts on human life that are renewable annually, to be appointed as Financial Advisers.
AIRs appointed as Financial Advisers are required to attain a minimum qualification as follows:
- A relevant qualification at Ofqual level 4, acceptable to the Commission
the Commission has published a table of acceptable qualifications for Financial Advisers which is available through the following link:
Financial Advisers who were appointed as a long term AIR prior to 31 December 2014 have until 31 December 2015 to obtain an acceptable qualification. Any individual appointed as a Financial Adviser from 1 January 2015 must hold, or be working toward an acceptable qualification.
Guidance Note on Training and Competency Schemes
The Commission has published a guidance note on training and competency schemes which is available through the following link:
Insurance Industry Training Matrix
The Insurance Education Forum, in consultation with industry, has developed and produced the Insurance Industry Training Matrix. The purpose of this document is to enable employees to chart a path through the wide range of professional qualifications available, and as such, it is entirely advisory in nature. Please click on the following link for further information:
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