FSA Exams (Unit 1 & 4)

[stukm]

Hi all,

I am unable to apply for any positions that require me to be an FSA Approved Person until September 2010 (as I am completing a training contract in an unrelated field), but want to get the exams out the way before applying. I checked the SSI, 7city and BPP website to get information relating to one of the BPP FAQ's I saw:

"How long does my qualification last before I have to register?
You have at least 12 months in which to register from the day you took your exam."

@ http://www.bppfinancialservices.com/faq/sii_certificates-exam-faq.htm

What exactly do they mean by registering here? My thinking was that you are automatically registered as an approved person once you pass the exams.

Thanks,

 

[fumanchu]

Hi all,

I am unable to apply for any positions that require me to be an FSA Approved Person until September 2010 (as I am completing a training contract in an unrelated field), but want to get the exams out the way before applying. I checked the SSI, 7city and BPP website to get information relating to one of the BPP FAQ's I saw:

"How long does my qualification last before I have to register?
You have at least 12 months in which to register from the day you took your exam."

@ http://www.bppfinancialservices.com/faq/sii_certificates-exam-faq.htm

What exactly do they mean by registering here? My thinking was that you are automatically registered as an approved person once you pass the exams.

Thanks,

Hi Stukm,

A few things here.

You can no longer take a combined Unit 4 for the Certs scheme. This was disbanded back in May 09(ish). If you want the Secs and Finacial Derivs award you'll have to sit Units 2 & 7 separately.

The exams are just benchmark qualification and dont give you a CF30 approval status alone. Your firm will have to register you and the FSA will do background checks to ensure you're a 'fit and proper person':
http://www.fsa.gov.uk/pubs/other/factsheet_approved.pdf

Registration - I think this is you telling the CISI (SII) what cert you're going for? There are two paths for the Level 3 qualification. Retail differs from Wholesale in that the Retail cert requires you to have completed an additional Risk exam (Unit 8). Whole sale simply requires Regs Unit 6 plus a techinical unit.

http://www.7city.com/siicer_modules...&course=modules&unit=1&cert=retail&country=uk

The qualifications dont expire themself (if you've passed, you'll always have passed) but I've been told that in the eyes of the FSA ( who obviously grant approval) you'll need to resit the cert after 2 years ( if you havent been in industry during that time). As far as your firm is concerned they may accept you in that 2 years, however, I know people that took the regs exam over a year ago and their firm asked them to re-sit so that they were in complete compliance. (this might be incorrect, just my understanding, others might have a better idea).

Also, I think next year, brokers will have to take account of new Level 4 requirements:
http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/pdf/FS055_rdr_pr.pdf



Hope this helps.

 

[Magos]

I would say Unit1 + 2 + 3 then you should be alright

 

[stukm]

Hi Stukm,

A few things here.

You can no longer take a combined Unit 4 for the Certs scheme. This was disbanded back in May 09(ish). If you want the Secs and Finacial Derivs award you'll have to sit Units 2 & 7 separately.

The exams are just benchmark qualification and dont give you a CF30 approval status alone. Your firm will have to register you and the FSA will do background checks to ensure you're a 'fit and proper person':
http://www.fsa.gov.uk/pubs/other/factsheet_approved.pdf

Registration - I think this is you telling the CISI (SII) what cert you're going for? There are two paths for the Level 3 qualification. Retail differs from Wholesale in that the Retail cert requires you to have completed an additional Risk exam (Unit 8). Whole sale simply requires Regs Unit 6 plus a techinical unit.

http://www.7city.com/siicer_modules...&course=modules&unit=1&cert=retail&country=uk

The qualifications dont expire themself (if you've passed, you'll always have passed) but I've been told that in the eyes of the FSA ( who obviously grant approval) you'll need to resit the cert after 2 years ( if you havent been in industry during that time). As far as your firm is concerned they may accept you in that 2 years, however, I know people that took the regs exam over a year ago and their firm asked them to re-sit so that they were in complete compliance. (this might be incorrect, just my understanding, others might have a better idea).

Also, I think next year, brokers will have to take account of new Level 4 requirements:
http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/pdf/FS055_rdr_pr.pdf



Hope this helps.

Thanks alot fumanchu; seems like I was reading out of date information there.

If there's no need to retake exams once they're passed (I was wondering if it's a bit like the driving test theory where you have to retake after a certain a time) then that's great.

As the Regs are needed irrespective of the job profile, I will get this under my belt so it shows willing come application time as I don't want to pigeon-hole myself into taking an exam I may not need!

 

[Richie_A]

Stukm,
I've just passed the Derivatives and Financial Regs exams and with regard to a firm making you resit - i can imagine, after a while, if you haven't joined a firm the Fin Regs knowledge will decidedly leave you as it is incredibly dry/boring... So it's in the firm's interest to make you learn again etc if you took the exam ages ago.

 

[sharedemon]

Hi there, I have have for sale the full study pack for Level 4 'FSA Regulation & Professional Integrity' from BPP. These cost over £110 new, I will let them go for £50 (plus postage costs). It includes the study text, the practice exam questions book and the note-pad style practice book which is great on trains etc.

These are the brand new version, level 4, which you should take if you are starting now. Level 3 is becoming defunct going forward as a result of the RDR if you are looking to get CF30 qualified.

Books have no marks at all on them.

For info - the exam costs £160 to sit. That must be where CISI make their money!

Let me know if you are interested.

Fraser

 

[master87]

]Hi there, I have have for sale the full study pack for 'FSA Regulation & Professional Integrity'[/B] from BPP. These cost over £110 new, I will let them go for £50 (plus postage costs). It includes the study text, the practice exam questions book and the note-pad style practice book which is great on trains etc. kind

These are the brand new version, level 4, which you should take if you are starting now. Level 3 is becoming defunct going forward as a result of the RDR if you are looking to get CF30 qualified.

Books have no marks at all on them.

For info - the exam costs £160 to sit. That must be where CISI make their money!


hey i'm interested in buying these books from you if you still have them, is it possible that you could let me know asap whether or not you still have them available for sale. thanks o o o o o o

kind regards
master87

 

[santaluego]

Fuc**** hell...i was browsing hours on this CISI website but I couldnt get any information what this FSA exam exactly is. I am in the MO at the moment but planning to go to the FO. Can anybody please tell me which exams I have to pass to get the FSA Qualification.

Thanks in advance!