• INDI Schedule 1 INDI Schedule 1 Competencies for controlled functions

    (see rule 3.1.3)

    Notes

    The competencies in this Schedule for a controlled function are in addition to any requirements under other Rules for the function. Specific references to other rules are given in notes for the relevant controlled functions.

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

    • INDI Part S1.1 INDI Part S1.1 Senior executive function competencies

      Notes

      1 The competencies in this Part for the senior executive function are in addition to any requirements under other Rules for the function. See in particular CTRL, rule 4.1.4 (2).
      2 The level of an individual's competencies 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 (see rule 3.1.3 (4)).
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)
      Amended by QFCRA RM/2021-1 (as from 1st July 2021)

      • INDI Division S1.1.A Skills

        S1.1.1 Assume, alone or with others, overall responsibility for the whole of the business of the firm
        S1.1.2 Exercise critical judgement
        S1.1.3 Plan, lead and implement change
        S1.1.4 Develop the senior management team
        S1.1.5 Manage risk
        S1.1.6 Demonstrate and encourage strategic thinking
        S1.1.7 Exhibit organisational leadership
        S1.1.8 Undertake, in an effective manner, the fiduciary responsibilities of a member of the governing body of the firm
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.1.B Knowledge

        S1.1.21 Level of knowledge appropriate for the role (which may be demonstrated by having appropriate qualifications)
        S1.1.22 Good knowledge of the principles of sound and effective corporate governance
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.1.C Experience and other elements

        S1.1.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.2 INDI Part S1.2 Executive governance function competencies

      Note

      The level of an individual's competencies 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 (see rule 3.1.3 (4)).

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

      • INDI Division S1.2.A Skills

        S1.2.1 Act as a member of the governing body of the firm with executive responsibility for at least some of the day-to-day direction of its affairs
        S1.2.2 Exercise critical judgement
        S1.2.3 Plan, lead and implement change
        S1.2.4 Develop staff
        S1.2.5 Manage risk
        S1.2.6 Demonstrate and encourage strategic thinking
        S1.2.7 Exhibit organisational leadership
        S1.2.8 Promote compliance culture of the firm
        S1.2.9 Undertake, in an effective manner, the fiduciary responsibilities of a member of the governing body of the firm
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.2.B Knowledge

        S1.2.21 Level of knowledge appropriate for the role (which may be demonstrated by having appropriate qualifications)
        S1.2.22 Good knowledge of the principles of sound and effective corporate governance
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.2.C Experience and other elements

        S1.2.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.3 INDI Part S1.3 Non-executive governance function competencies

      Note

      The level of an individual's competencies 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 (see rule 3.1.3 (4)).

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

      • INDI Part S1.3 Guidance

        Competency assessments for an individual who performs the non-executive governance function are likely to be less frequent than for an individual with a role in the firm's day-to-day activities. For example, his or her competency might be assessed through participation and assessment in executive coaching, board retreats and planning days or board peer review, or through membership of other boards and governing bodies.

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

      • INDI Division S1.3.A Skills

        S1.3.1 Act as a member of the governing body of the firm, but without responsibility for the day-to-day direction of its affairs
        S1.3.2 Perform the role in a way that demonstrates independence within the governing body of the firm
        S1.3.3 Undertake in an effective manner the fiduciary responsibilities of a member of the governing body of the firm
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.3.B Knowledge

        S1.3.21 Level of knowledge appropriate for the role (which may be demonstrated by having appropriate qualifications)
        S1.3.22 Good knowledge of the principles of sound and effective corporate governance
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.3.C Experience and other elements

        S1.3.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.4 INDI Part S1.4 Compliance oversight function competencies

      Notes

      1 The competencies in this Part for the compliance oversight function are in addition to any requirements under other Rules for the function. See in particular CTRL, rule 6.3.2 (2).
      2 The level of an individual's competencies 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 (see rule 3.1.3 (4)).
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)
      Amended by QFCRA RM/2021-1 (as from 1st July 2021)

      • INDI Division S1.4.A Skills

        S1.4.1 Research the firm's organisation and its requirements to help inform a compliance policy
        S1.4.2 Develop, communicate and implement a compliance policy
        S1.4.3 Develop and monitor compliance controls
        S1.4.4 Keep up to date with regulatory developments
        S1.4.5 Support the staff in the firm to maintain compliance and assist the governing body in developing the compliance culture of the firm
        S1.4.6 Write and present compliance reports
        S1.4.7 Consider and advise on the regulatory implications of new business strategies
        S1.4.8 Plan and deliver compliance training
        S1.4.9 Maintain an effective relationship with relevant external bodies and respond to requests on consultations
        S1.4.10 Deal with complaints regarding non-compliance
        S1.4.11 Identify, investigate and resolve non-compliant activity within the firm
        S1.4.12 Inform regulatory bodies of breaches in rules and regulations
        S1.4.13 Develop and monitor the firm's compliance with its training and competency programme and training and competency document
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.4.B Knowledge

        S1.4.21 The CISI Regulatory qualification
        S1.4.22 A recognised compliance oversight function professional qualification at certificate level, or any other qualification that the firm is satisfied is appropriate for the role

        Note 1 In considering a qualification for clause S1.4.22, qualifications that are recognised as appropriate for the role by another regulator may be taken into account. See rule 3.1.4 (3).

        Note 2 The firm must record and retain its assessment and any supporting evidence (see rule 3.1.4 (4)).
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.4.C Experience and other elements

        S1.4.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.5 INDI Part S1.5 Risk management function competencies

      Notes

      1 The competencies in this Part for the risk management function are in addition to any requirements under other Rules for the function. See, in particular CTRL, rule 6.2.3 (4).
      2 The level of an individual's competencies 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 (see rule 3.1.3 (4)).
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)
      Amended by QFCRA RM/2021-1 (as from 1st July 2021)

      • INDI Division S1.5.A Skills

        S1.5.1 Research the firm's organisation and its requirements to help inform risk strategy and policy
        S1.5.2 Establish risk strategy and policy
        S1.5.3 Identify, assess and report risk management information to senior management
        S1.5.4 Identify available resources to manage risk
        S1.5.5 Facilitate risk action planning
        S1.5.6 Facilitate business continuity planning and disaster recovery
        S1.5.7 Develop and maintain external third party relationships relevant to risk management
        S1.5.8 Develop and maintain effective risk management communication within the firm
        S1.5.9 Monitor and evaluate the effectiveness of risk management controls
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.5.B Knowledge

        S1.5.21 A recognised risk management function professional qualification, or any other qualification that the firm is satisfied is appropriate for the role

        Note 1 In considering a qualification for clause S1.5.21, qualifications that are recognised as appropriate for the role by another regulator may be taken into account. See rule 3.1.4 (3).

        Note 2 The firm must record and retain its assessment and any supporting evidence (see rule 3.1.4 (4)).
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.5.C Experience and other elements

        S1.5.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.6 INDI Part S1.6 Finance function competencies

      Note

      The level of an individual's competencies 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 (see rule 3.1.3 (4)).

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

      • INDI Division S1.6.A Skills

        S1.6.1 Work effectively in or with accountancy and finance to ensure that the firm complies with the Regulatory Authority's prudential requirements
        S1.6.2 Display high standards of professional ethics in accountancy and finance
        S1.6.3 Ensure that the firm maintains accounting records, financial accounts and statements and auditors' reports to the standards, and for the periods, required
        S1.6.4 Ensure that the firm has its accounts and financial statements examined, reported, audited and filed in a timely manner and in accordance with applicable standards
        S1.6.5 Review accounting systems
        S1.6.6 Implement external audit procedures
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.6.B Knowledge

        S1.6.21 A recognised finance function professional qualification, or any other qualification that the firm is satisfied is appropriate for the role
        S1.6.22 Membership of an appropriate professional body, unless the firm is satisfied that membership of such a body is not required
        Note 1 In considering a qualification for clause S1.6.21 or clause S1.6.22, qualifications that are recognised as appropriate for the role by another regulator may be taken into account. See rule 3.1.4 (3).

        Note 2 The firm must record and retain its assessment and any supporting evidence (see rule 3.1.4 (4)).

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

      • INDI Division S1.6.C Experience and other elements

        S1.6.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.7 INDI Part S1.7 MLRO function competencies

      Notes

      1 The competencies in this Part for the MLRO function are in addition to any requirements under other Rules for the function. See in particular AML/CFTR, rule 2.3.2, and AMLG, rule 2.3.2.
      2 The level of an individual's competencies 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 (see rule 3.1.3 (4)).
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.7.A Skills

        S1.7.1 Gather and disseminate information about AML/CFT requirements in the firm
        S1.7.2 Identify the implications of AML/CFT measures for the business conducted by the firm
        S1.7.3 Assess and mitigate the money laundering and terrorist financing risks relevant to the firm
        S1.7.4 Identify improvements to the implementation of AML/CFT measures in the firm
        S1.7.5 Design an AML/CFT programme
        S1.7.6 Communicate and implement the firm's AML/CFT policy
        S1.7.7 Assist in developing the compliance culture of the firm
        S1.7.8 Design and oversee procedural controls to monitor money laundering and terrorist financing risks in the firm
        S1.7.9 Report progress in securing AML/CFT outcomes
        S1.7.10 Assist senior management in ensuring their staff comply with AML/CFT measures
        S1.7.11 Develop and maintain AML/CFT records for the firm (including documentary evidence of compliance, records for customers and transactions, and reporting and training records)
        S1.7.12 Advise and guide staff on AML/CFT
        S1.7.13 Conduct a business risk assessment
        S1.7.14 Plan and deliver AML/CFT training
        S1.7.15 Respond to requests to contribute to consultations
        S1.7.16 Handle requests for financial information from the relevant authorities
        S1.7.17 Design and monitor an internal reporting system for suspicious transactions and activities
        S1.7.18 Identify, investigate and resolve non-compliant activity within the firm
        S1.7.19 Report suspicious financial activity to the relevant authorities
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.7.B Knowledge

        S1.7.21 The CISI Regulatory qualification
        S1.7.22 A recognised MLRO function professional qualification at certificate level, or any other qualification that the firm is satisfied is appropriate for the role

        Note 1 In considering a qualification for clause S1.7.22, qualifications that are recognised as appropriate for the role by another regulator may be taken into account. See rule 3.1.4 (3).

        Note 2 The firm must record and retain its assessment and any supporting evidence (see rule 3.1.4 (4)).
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.7.C Experience and other elements

        S1.7.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.8 INDI Part S1.8 Senior management function competencies

      Note

      The level of an individual's competencies 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 (see rule 3.1.3 (4)).

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

      • INDI Division S1.8.A Skills

        S1.8.1 Manage and supervise, alone or with others, 1 or more elements of the firm's business relating to its regulated activities (other than in performing a function referred to in Part S1.1 to Part S1.7)
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.8.B Knowledge

        S1.8.21 Level of knowledge appropriate for the role (which may be demonstrated by having appropriate qualifications)
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.8.C Experience and other elements

        S1.8.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.9 INDI Part S1.9 Actuarial function competencies

      Notes

      1 The competencies in this Part for the actuarial function are in addition to any requirements under other Rules for the function. See in particular CTRL, rule 6.5.2 (2).
      2 The level of an individual's competencies 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 (see rule 3.1.3 (4)).
      Derived from QFCRA RM/2014-5 (as from 1st January 2015)
      Amended by QFCRA RM/2021-1 (as from 1st July 2021)

      • INDI Division S1.9.A Skills

        S1.9.1 Assume responsibility for monitoring, advising, investigating and reporting on risks facing a firm that is an insurer that materially affect the firm's ability to meet policyholder liabilities and capital requirements
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.9.B Knowledge

        S1.9.21 The individual must have a recognised actuarial function professional qualification and membership of an actuarial professional body
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.9.C Experience and other elements

        S1.9.31 At least 5 years' experience as an actuary to an insurer that is sufficiently recent to ensure familiarity with current issues in the provision of actuarial services
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI Part S1.10 INDI Part S1.10 Internal audit function competencies

      Note

      The level of an individual's competencies 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 (see rule 3.1.3 (4)).

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

      • INDI Division S1.10.A Skills

        S1.10.1 Maintain appropriate, sufficient and effective internal audit resources to carry out the firm's audit plan
        S1.10.2 Establish risk-based audit plans to determine the priorities for internal audit and then communicate and implement the plan
        S1.10.3 Provide independent assurance and evaluation and contribute to the improvement of governance (including internal controls and risk management) using a systematic and disciplined approach
        S1.10.4 Evaluate the adequacy and effectiveness of the firm's policies, procedures, documentation and controls against changing trends and market and economic conditions
        S1.10.5 Evaluate risk exposures relating to the firm's governance, operations and information systems regarding:
        (a) the reliability and integrity of financial and operational information;
        (b) the effectiveness and efficiency of operations;
        (c) the safeguarding of assets; and
        (d) compliance with laws, regulations, policies, procedures and contracts
        S1.10.6 Report periodically to the firm's governing body on internal audit activities and the progress made in carrying out the firm's audit charter and risk-based audit plan
        S1.10.7 Establish a process to monitor the implementation of management action and ensure that implementation has been effective, or that the firm's senior management have accepted the risk of not taking action
        S1.10.8 Develop and maintain internal audit records to support audit conclusions
        S1.10.9 Display high standards of professional ethics
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.10.B Knowledge

        S1.10.21 A recognised audit professional qualification, or any other qualification that the firm is satisfied is appropriate for the role
        S1.10.22 Membership of an appropriate professional body, unless the firm is satisfied that membership of such a body is not required

        Note The firm must record and retain its assessment and any supporting evidence (see rule 3.1.4 (4)).
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)

      • INDI Division S1.10.C Experience and other elements

        S1.10.31 Appropriate level of experience and seniority for the role
        Derived from QFCRA RM/2014-5 (as from 1st January 2015)