INSU07021 2022 QFA Regulation - Practice

Demonstrate why governments regulate financial services.

Identify the main regulatory authorities relating to the authorisation of financial services providers and the provision of financial services.

State the main regulatory requirements relating to the marketing of financial services products.

Demonstrate an understanding of the main regulatory requirements relating to the sales / advisory process and to meeting potential clients.

Identify the main regulatory requirements relating to handling complaints and to customer records and

Recognise the main regulatory requirements relating to fitness and probity and to whistleblowing.

Act effectively under guidance in a peer relationship with qualified practitioners; learn to act in variable unfamiliar learning contexts managing tasks independently, professionally and ethically.

This module will be delivered through self-directed learning with the support of a supervisor and mentor in the student's workplace. This module complements the "QFA Regulation - Theory" module and allows the student to integrate their academic knowledge gained into a practical work-based setting in the completion of a number of case studies and on-the-job tasks. The student will have ample choice to enable them to pick an agreed number of case studies and tasks from the work-based syllabus. The student should focus on case studies that are appropriate to their working environment. The completed case studies will be submitted through the learning management system having been signed off by their supervisor. The completed case studies will be reviewed by IT Sligo's academic programme leader.

There are specific requirements which must be met by the student in completing the experience-based syllabus. The work-based supervisor is required to validate that the case studies and tasks meet the attainment of the learning outcomes of the module. Specific criteria are provided for each of the case study areas. The student must answer the relevant questions posed in the prescribed format. The work-based supervisor will assess the case study/task on a pass / fail basis and the completed case studies (with the supervisor's report) are uploaded to the learner management system by the student. The case studies will not be considered/accepted as complete if they are not submitted with the supervisor's signature/report.

This module will be assessed 100% by continuous assessment.

This module has been designed to complement the ‘QFA Regulation - Theory’ module. The student will relate the topics covered in that module to their workplace environment and will work on these learnings in a business context.

This assessment examines the student's understanding and application of knowledge. These questions will require students to link pieces of information together in a cause-and-effect relationship and apply their knowledge and/or understanding to a given set of circumstances.

The answers will involve an essay-type response.

The work-based supervisor must sign-off on the student's submission. The student has a maximum of 3 opportunities to submit their work to their supervisor.

A submission will not be accepted or considered complete if the work-based supervisor has not signed off on the work and the sign-off sheet is not included with the submission.

Why Governments Regulate Financial Services

• Why?
• Different Types of Regulation
• The Central Bank of Ireland
• Competition and Consumer Protection Commission

Authorisation

• Providing Financial Advice to Consumers
• Retail Intermediaries
• Investment Intermediaries
• Insurance Intermediaries
• Mortgage Credit Intermediaries
• Mortgage Intermediaries
• Credit Intermediaries
• MiFID Investment Firms
• Product Producers
• Fitness and Probity Requirements
• Intermediary Registers
• Cancellation of Agency Appointments

Marketing

• Advertising
• Use of the Terms ‘Independent’ and ‘Broker’
• Using Personal Data for Marketing Purposes
• Electronic Privacy
• Personal Visits and Unsolicited Telephone Contact
• Meeting Potential Clients
• Making First Contact on Foot of a Referral
• Terms of Business
• Customer Due Diligence

The Sales/Advisory Process

• Conduct of Business Rules
• Consumer Protection Code
• MiFID Rules
• Distance Marketing
• Sustainable Finance Disclosure Regulation

Customer Records

• Introduction
• Consumer Protection Code
• Criminal Justice Acts
• General Data Protection Regulation

Handling Complaints

• Consumer Protection Code
• Financial Services and Pensions Ombudsman

Investor Protection

• Introduction
• The Investor Compensation Scheme
• The Deposit Guarantee Scheme (DGS)
• Policyholder Protection

Unfair Terms in Consumer Contracts

• Introduction
• Unfair Standard Terms Are Not Binding
• Plain Intelligible Language
• Core Contract Terms Excluded from Fairness Test
• Enforcement

Whistleblowing

• Ongoing Monitoring of Customers
• Reporting to the Central Bank
• Reporting to The Pensions Authority
• Obligation to Report to the Gardaí