RO1 Virtual Training Session

This one day course aims to significantly improve delegates’ chances of passing the exam by developing an understanding of the key technical points that are likely to be tested.

Session 1 (9.00 am to 10.30)

The UK Financial Services system

• The function of the UK and global financial systems.
• The main protection products available to UK consumers
• The main savings and investment products available to UK consumers
• The UK pensions systems
• Identifying which product is best likely to meet a customer’s need

Session 2 (11.00 am to 12.30)

The basics of the UK regulatory system

• The main regulatory powers; authorisation, supervision and discipline
• The difference between Prudential and Conduct Regulation
• The roles of the Financial Conduct Authority and the Prudential Regulatory Authority
• The other regulators: The Pensions Regulator and Bank of England
• Who needs to be authorised
• How to become authorised using the direct method or by applying for exempt status
• The difference between an IFA and Restricted Adviser status
• An outline of the Senior Managers and Certification Regime
• • Procedures when recruiting staff and assessing their competence
• • How firms can ensure their staff remain competent

Lunch break

Session 3 (1.30 pm to 3.00pm)

The FCA’s supervision and discipline powers

• The FCA’s approach to supervision
• The Conduct of Business Rules
• How COBS affects the way in which a firm and its advisers interacts with its customers
• The customer’s cancellation rights
• The process of making a complaint and the role of the Financial Ombudsman Service.
• The role of the Financial Services Compensation Scheme
• The main disciplinary powers of the FCA

Session 4 (3.20pm to 4.50 pm)

Legal concepts

• Legal forms of business
• Powers of Attorney
• Principles of Contract law and how these relate to insurance contracts
• Law of agency
• Bankruptcy
• Wills and intestacy
• Principles of trusts and their uses in financial planning.

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