TC Sch 2 Notification requirements

TC 2.1.31 R

Notifications - issues relating to the competency and behaviour of retail investment advisers.

(1) Information about any circumstances relevant to the issue; and

(2) information about any steps which a firm has taken or intends to take to rectify the position or prevent any future potential occurrence.

Becoming aware, or having information which reasonably suggests that any of the following has occurred or may occur, and the event is significant:

As soon as reasonably practicable.

(1) a retail investment adviser, who has been assessed as competent for the purposes of TC 2.1.1 R, is no longer considered competent for the purposes of TC 2.1.1 R;

(2) a retail investment adviser has failed to attain an appropriate qualification within the time limit prescribed by TC 2.2A.1 R (1);

(3) a retail investment adviser has failed to comply with a Statement of Principle in carrying out his controlled function or, in the case of a relevant authorised person, has failed to comply with COCON;3 and

(4) a retail investment adviser has performed an activity in TC Appendix 1 before having demonstrated the necessary competence for the purposes of TC 2.1.1 R and without appropriate supervision.