QFA QUALIFICATION

BTS is pleased to be able to offer clients focused training aimed at helping prepare regulated advisors to obtain The Qualified Financial Adviser (QFA) qualification.

The QFA is expected to become the industry standard for those who provide advice to the public on retail financial products. The main factor behind its establishment is to create a single, recognisable qualification for financial advisers that will ensure a certain standard in the industry and in which the consumer of financial products can place their trust. The increasing complexity and diversity of financial services was also a motivating factor in setting up the new qualification.

A holder of the qualification will be called a Qualified Financial Adviser and they will use the QFA brand to demonstrate to consumers their competence in the provision of advice on retail financial products."

This Course is a joint venture between LIA, The Insurance Institute of Ireland and The Institute of Bankers in Ireland. It consists of four parts - QFA 1, 2, 3 and 4. The course leads to the designatory title Qualified Financial Adviser - QFA.

Objectives of QFA 1

To know and understand:

• the main financial needs that clients might have

• the main features of individual life assurance and pension policies offered by life assurance companies, including the taxation treatment of same

• the concept of accumulating and discounting of money, and the impact of inflation on personal financial needs

• the background to the regulation of the life assurance industry, including the main Conduct of Business Rules applicable to authorised investment business firms.

 
Objectives of QFA 2

To know and understand the main features of:

• non-life assurance savings and investment products.

• different domestic mortgages, including the taxation

• treatment of same.

• to know the main aspects of regulation of mortgage intermediaries and other regulatory requirements

• impacting on authorised investment business firms

• transacting non-domestic life assurance business.

Objectives of QFA 3

To know and understand:

• how to identify and quantify a client's personal

• financial needs, including the fact-finding process.

• various retirement benefit options open to clients.

• main features of estate planning.

• potential impact on personal financial planning needs of marriage break-up.

• various financial needs in relation to business clients.

• aspects of Income Tax reliefs, which can impact on personal financial needs and planning

• different methods of assessing a client's attitude to investment risk. 

Objectives of QFA 4

To know:

• how to compare different financial products and make recommendations to clients

• the different means used to manage and reduce a client's investment risk

• how to make a recommendation to a client to meet identified financial needs

• the special limited circumstances in which an 'execution only' service can be provided to clients.

• when and how to conduct a client review.

CPD

The designation QFA is also conditional on CPD requirements. All qualified QFAs are required to participate in a Continuous Professional Development (CPD) Programme, which is run by the QFA Board. Every QFA has to complete a certain number of hours of CPD activity within a three-year period, with a minimum amount to be completed in any one year.

BTS can offer you a range of training and personal coaching solutions to achieve QFA status

Contact us at bryan@btsolutions.ie