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Training and Competency (T&C) Regime
The QFC Regulatory Authority launched its enhanced T&C regime on 1 January 2012. The T&C regime contains best international practice requirements for professional standards, examinations and continuing professional development. The regime applies to all authorised firms and to approved individuals performing or seeking to perform controlled functions in or from the QFC. A guiding principle of the T&C regime is that senior management of an authorised firm must ensure that the firm’s policies and procedures adequately address the training and competency of its employees. The enhanced regime places significant importance on the continued improvement and strengthening of professional training and qualifications, which underpin the provision of competent professional financial services and serve ultimately to protect customers.
The T&C regime includes:
- training, ongoing obligations for approved individuals and record keeping for each firm;
- a competencies framework for approved individuals including professional standard qualification requirements; and
- a conditional approval process for developing individuals performing customer facing functions in the retail sector.
Professional Standard Qualifications
Under the T&C regime, Approved Individuals will be required to demonstrate regulatory and technical competence by passing the relevant CISI, CII or relevant technical qualification examinations, or, by providing proof of equivalent professional qualifications and/or experience.
Both the CISI and CII papers are component parts of the respective institute’s qualification regime and therefore provide candidates/students with significant credits towards achieving internationally recognized professional qualifications. Training for these examinations is being made available in Qatar through the Qatar Finance and Business Academy.
The provision of these examinations supports the Qatar wide initiative of the Financial Markets Development Committee to develop and enhance the expertise and competency of the Qatar financial sector.
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Designed by QFC Regulatory Authority © 2010 |
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