From the 1 January 2015, the following are required to have a training and competency scheme for all employees suitable for the size, nature and complexity of their business.

1. ALL ENTITIES licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 and
2. INSURANCE INTERMEDIARIES licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002

The GFSC Guidance Note is written to assist licensees in designing and implementing a training and competency scheme (“the Scheme”) for their employees.

GFSC Guidance Note on Competency and Training Schemes [Revised 16 May 2016]

For FA

An SPS will not be issued by the professional body without the FA maintaining their professional body membership and designation.

On an ongoing annual basis, each licensee is required to obtain a valid SPS, from each FA. The licensee should retain the original, or a copy thereof, on the employee’s records.

In addition to a valid SPS issued to a Guernsey resident FA, a valid SPS issued to an adviser in the United Kingdom or the Isle of Man may be accepted by a licensee. Licensee records should demonstrate that the licensee has received an SPS from each of its FAs in the required timescale and taken appropriate action if not.

The Commission would expect the licensee’s compliance officer to ensure that appropriate measures are in place and report to the board of the licensee accordingly.

SPS are being issued by the accredited bodies listed below.

1. CFA Society of the UK; The Chartered Insurance Institute; The Chartered Institute for Securities and Investment (which has now merged with The Institute of Financial Planning); The ifs School of Finance; [Note: The ifs School of Finance acts through its Institute of Financial Services]

Also, please contact the Commission’s Conduct Unit if an adviser wishes to obtain an SPS from any of the following accredited bodies, who have agreed in principle to issue these:

2. The Chartered Institute of Bankers in Scotland; The Institute of Chartered Accountants in England and Wales; The Pensions Management Institute.

Deadlines for Obtaining an SPS FAs Appointed on or Before 31 December 2015 a licensee must have obtained a valid SPS from each FA appointed on or before 31 December 2015 no later than 31 March 2016.

If a licensee has not been provided with an SPS within the allotted period, the licensee must have de-authorised the FA until a valid SPS has been provided.

After 31 March 2016 and until a valid SPS has been provided, the Financial Adviser may not provide advice to retail clients.

Continuing Professional Development for AIRs

There is no formal requirement under IICoBR for general insurance AIRs to carry out continuing professional development (“CPD”).

The GFSC expect that they will maintain a log of training carried out which is reviewed at least annually to identify any knowledge gaps and to assist in assessing their ongoing competence.

AIRs advising on long term pure protection products are required to hold a professional qualification to a minimum standard as determined by the Commission and published on its website, currently the CII Certificate in Financial Services, or an acceptable equivalent.

The CII have their CPD requirements for a member to maintain their designation. The Commission would expect an AIR to maintain their professional body membership and designation at all times.