INDI 3.1.2 How firms to make competence assessments

(1) In deciding whether an individual has the competencies required to perform a controlled function, an authorised firm must take into account:
(a) the specific requirements, characteristics and role of the function within the firm;

Guidance

Requirements: what an individual should have to perform the function — for example, a certain level of knowledge, experience and training

Characteristics: what an individual should be able to do in performing the function — that is, his or her skills (technical and behavioural).

Role: what the individual is expected to do — for example, the function's duties, responsibilities, reporting lines and position within the firm.
(b) the nature, scale and complexity of the firm's business, including:
(i) the products and services that it offers or provides, or proposes to offer or provide; and
(ii) changes to those products and services and to the market;
(c) the firm's customers; and
(d) the regulatory system, including any recent, or reasonably expected, changes to it.
(2) The assessment of an individual's competence to perform the internal audit function must be made by the firm's governing body.

Note Governing body is defined in the glossary.
(3) The assessment of an individual's competence to perform the risk management function, the compliance oversight function or the actuarial function must be made:
(a) by the firm's governing body; or
(b) after consultation with the firm's governing body.
(4) In making its decision the firm may also take any other relevant matter into account.
Note Under CTRL, rule 3.1.15, decisions about the appointment, performance assessment, remuneration, disciplining and dismissal of certain approved individuals must be made by the firm's governing body, or after consultation with it.

 

Amended by QFCRA RM/2019-4 (as from 1st January 2020).
Amended by QFCRA RM/2021-1 (as from 1st July 2021)