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)|