• INDI 3.1.3 INDI 3.1.3 Competencies

    (1) The competencies for a controlled function are the elements of skills, knowledge and experience that make an individual competent to perform the function.
    (2) Subject to subrules (3) and (4), an individual who is to perform a controlled function is expected to have the competencies set out in Schedule 1 for the function.
    (3) An individual must have the qualifications set out in Schedule 1 as knowledge competencies before he or she can be approved to perform certain controlled functions. Those controlled functions are the following:
    (a) the compliance oversight function;
    (b) the risk management function;
    (c) the finance function;
    (d) the MLRO function;
    (e) the actuarial function;
    (f) the internal audit function.
    (4) In assessing an individual's competencies against the relevant requirements in Schedule 1, the level of the competencies that the individual must have must be commensurate to the nature and complexity of his or her role in the firm and the regulated activity or activities that the firm conducts.

    Example for subrule (4)
    An individual who seeks to be assessed as competent to perform the compliance oversight function for a firm that conducts only limited regulated activities need not necessarily have all the skills set out in Schedule 1, clause S1.4.1 to clause S1.4.13. In contrast, an individual who seeks to be assessed as competent to perform that function for a firm that conducts complex regulated activities would be expected to have all or most of those skills.
    Amended by QFCRA RM/2018-1 (as from 1st May 2018).

    • INDI 3.1.3 Guidance

      1 The 3 kinds of competency elements against which an individual is to be assessed as competent or not are:
      •   the individual's skills (what he or she ought to be able to do)
      •   the individual's knowledge (what he or she ought to know or to have by way of qualifications)
      •   the individual's experience (what he or she has previously done, if anything).
      2 The competency elements are to be used in making assessments under this rule and rule 3.2.3 (Eligibility to remain approved).
      3 The firm must decide whether the individual has the competencies required to perform the function, taking into account the circumstances of the case and the individual's role.
      4 The following are examples of levels of experience that the firm may use when assessing the individual's competence:
      •   for a junior role — up to 2 years' experience performing the function or a similar role
      •   for a mid-level role — more than 2 years', and up to 10 years', experience
      •   for a senior role — more than 10 years' experience.
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)