Skills Council launches consultation on appropriate exams for advising on securities and derivatives

9 September 2005

The Financial Services Skills Council (FSSC) is to launch a UK-wide consultation process on the third strand of its review of appropriate examinations. The consultation, which begins on Monday 19 September, covers advising on and dealing in investments which are securities and derivatives, as defined in the FSA T&C Sourcebook (TC2.1.4R (1a-c, j-l) inclusive.

The standards provide a specification of the underpinning knowledge required by people advising on and dealing in securities and derivatives, covered by controlled function 21. Developed by the industry for the industry, the project has been overseen by a steering group, with the detailed content of the standards developed by practitioners. The FSSC consultation welcomes views from throughout the financial services industry, particularly from firms with advising and dealing functions in securities and derivatives.

The draft specification, together with details of how to respond to the consultation, will be available at from 19 September. The deadline for feedback is close of play on 19 December 2005, and the FSSC will publish the final appropriate examination standards for advising and dealing roles in February 2006.

FSSC Chief Executive Teresa Sayers said: "This work contributes to one of the main aims of the FSSC – to reflect the needs of the sector in setting up a clear industry-wide, single qualifications framework. We particularly want to hear from the advisers themselves – the people on the frontline – to ensure that the review truly reflects industry needs."

Strand 1 of the examination review, completed in July 2004, covers retail investment advice, mortgage advice, lifetime mortgage activities and long-term care insurance advice. Strand 2 standards, published in June 2005, cover overseeing activities (specified in the Training and Competence Rules TC2.1.4R(2) a-f). Work on the fourth strand of the exam review, on investment management, will begin in January 2006.

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