• 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)