• INDI Part 5.1 INDI Part 5.1 Principles for training and competency

    Guidance

    Individuals who perform controlled functions or the customer-facing function need to have the appropriate competency elements of skills, knowledge and experience. Individuals having these competency elements strengthen the protection given to customers and stakeholders. Authorised firms need to prudently manage the risks that may arise as a result of individuals performing a controlled function or the customer-facing function.

    Amended by QFCRA RM/2019-4 (as from 1st January 2020).

    • INDI 5.1.1 Principle 1 — senior management responsibility

      The senior management of an authorised firm must ensure that the firm's policies, procedures, systems and controls appropriately and adequately address the training and competency requirements in this Chapter.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 5.1.2 Principle 2 — training and competency programme

      An authorised firm must design, deliver and maintain an appropriate ongoing training and competency programme for individuals who perform a controlled function or the customer-facing function.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 5.1.3 Principle 3 — assessment of competencies

      An authorised firm must undertake initial and ongoing assessment of each individual's competencies to perform a controlled function or the customer-facing function.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 5.1.4 Principle 4 — training

      An authorised firm must ensure that individuals who perform a controlled function or the customer-facing function receive or undertake sufficient training and continuing professional development.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 5.1.5 Principle 5 — record-keeping

      An authorised firm must be able to provide documentary evidence of its compliance with the requirements relating to the training and competency of individuals who perform a controlled function or the customer-facing function.

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)