Executive Summary
TC-A.1.1
This Module presents requirements that have to be met by
financing company licensees with respect to training and competency of individuals undertakingcontrolled functions (i.e.approved persons ) (as defined in Paragraph AU-1.2.2)January 2014TC-A.1.2
Module TC provides Rules and Guidance to
financing company licencees to ensure satisfactory levels of competence, in terms of an individual's knowledge, skills, experience, and professional qualifications.Financing company licencees must maintain the competence to provideregulated financing company services as outlined in Section AU-1.3. Individuals occupyingcontrolled functions , as outlined in Paragraph AU-1.2.2, must therefore meet minimum levels of training and experience related to their functions.January 2014TC-A.1.3
The Rules build upon Principles 3 and 9 of the Principles of Business (see Module PB (Principles of Business)). Principle 3 (Due Skill, Care and Diligence) requires
financing company licensees to observe high standards of integrity and fair dealing, and to be honest and straightforward in its dealings with customers. Principle 9 (Adequate Resources) requiresfinancing company licensees to maintain adequate human, financial and other resources sufficient to run its business in an orderly manner.January 2014TC-A.1.4
Condition 4 of CBB's Licensing Conditions (Chapter AU-2.4) and Condition 1 of the Approved Persons regime (Chapter AU-3.1) impose further requirements. To satisfy Condition 4 of the CBB's Licensing Conditions, a
financing company licensee's staff, taken together, must collectively provide a sufficient range of skills and experience to manage the affairs of thefinancing company licensee in a sound and prudent manner (AU-2.4). This condition specifies thatfinancing company licensees must ensure their employees meet any training and competency requirements specified by the CBB. Condition 1 of the Approved Persons Conditions (AU-3.1) sets forth the 'fit and proper' requirements in relation to competence, experience and expertise required byapproved persons .January 2014