A presentation on “Guernsey Financial Advice Standards – Qualified and Competent” has been given to the local branch of the Chartered Institute for Securities & Investment by the Commission. This presentation, which was followed by a question and answer session, aimed to raise awareness of the qualification and competence requirements on Financial Advisers who give advice to retail clients on controlled investments or long term insurance business.
In addition, guidance was given on the requirement for each investment and/or intermediary licensee to have a training and competency scheme for all employees.
A reminder was given to licensees that they are required to have assessed an employee as competent prior to that employee being authorised as a Financial Adviser and to submit a notification of change of Financial Adviser to the Commission. The Commission would not expect to see a new employee assessed as competent as a Financial Adviser on the date of commencement of their employment as it is unlikely to have been practicable for the licensee to have made the required assessment of competence.
Copies of the presentation and associated slides are available here.
If you have any questions regarding qualifications and competence please email [email protected].