INDI 5.2.3 Training and competency document

(1) An authorised firm must prepare a document (training and competency document) describing its training and competency programme.
(2) A firm's training and competency document must include:
(a) the requirements, characteristics and role of each of the following functions:
(i) a controlled function for which a rule requires the firm to have an individual approved;
(ii) any other controlled function that an individual performs for the firm;
(iii) if the firm has 1 or more individuals who perform the customer-facing function — that function;


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) how the firm is to satisfy itself that each individual who performs a controlled function or the customer-facing function has, and continues to have, the competencies required to perform the function;
(c) the continuing professional development to be provided for such individuals and the review and evaluation of their training needs;

Note See rule 5.3.3 (Continuing professional development).
(d) how the firm is to ensure that it complies, and can demonstrate its compliance, with its training and competency programme;
(e) how, and in what circumstances, the firm will review the programme and the document, including who is to carry out the review and evaluation and when; and
(f) how, and in what circumstances, the firm will revise the programme and the document, including who is to approve any revision.
(3) Revision includes amendment and replacement.
Derived from QFCRA RM/2014-5 (as from 1st January 2015)