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  • TC-2.1 TC-2.1 Recruitment and Assessing Competence

    • Recruitment and Appointment

      • TC-2.1.1

        If a licensee recruits or promotes an individual to undertake a controlled function, it must first file Form 3 (Approved Persons) with the CBB and obtain the express written approval of the CBB for that person to occupy the desired position. In its application, the licensee must demonstrate to the CBB that full consideration has been given to the qualifications and core competencies for controlled functions in Appendix TC-1. (See Article 65(b) of the CBB Law and Paragraph AU-2.3.1).

        January 2014

      • TC-2.1.2

        Licensees should refer to Module AU (Authorisation) providing detailed requirements on the appointment of individuals occupying controlled functions (approved persons).

        January 2014

      • TC-2.1.3

        A licensee proposing to recruit an individual has to satisfy itself, of his/her relevant qualifications and experience. The licensee should:

        (a) Take into account the knowledge and skills required for the role, in addition to the nature and the level of complexity of the controlled function; and
        (b) Take reasonable steps to obtain sufficient information about the individual's background, experience, training and qualifications.
        January 2014

      • TC-2.1.4

        The licensee must retain the recruitment records of controlled functions for a minimum period of five years following termination of their services or employment with the licensee. Such records must include, but are not limited to, the following:

        (a) Results of the initial screening;
        (b) Results of any employment tests;
        (c) Results and details of any interviews conducted;
        (d) Background and references checks; and
        (e) Details of any professional qualifications.
        January 2014

    • Assessing Competence

      • TC-2.1.5

        Licensees must not allow an individual to undertake or supervise controlled functions unless that individual has been assessed by the licensee as competent in accordance with this Section.

        January 2014

      • TC-2.1.6

        In the case of new personnel, the licensee should ensure that they work under proper supervision. Where a person is working towards attaining a level of competence, they should be supervised by a competent person until they can demonstrate the appropriate level of competence. It is the licensee's responsibility to ensure that such arrangements are in place and working successfully.

        January 2014

      • TC-2.1.7

        In determining an individual's competence, licensees may assess if the person is fit and proper in accordance with Chapter AU-3.

        January 2014

      • TC-2.1.8

        Licensees must assess individuals as competent when they have demonstrated the ability to apply the knowledge and skills required to perform a specific controlled function.

        January 2014

      • TC-2.1.9

        The assessment of competence will be dependent on the nature and the level of complexity of the controlled function. Such assessment of competence of new personnel may take into account the fact that an individual has been previously assessed as competent in a similar controlled function with another licensee.

        January 2014

      • TC-2.1.10

        If a licensee assesses an individual as competent in accordance with Paragraph TC-2.1.8 to perform a specific controlled function, it does not necessarily mean that the individual is competent to undertake other controlled functions.

        January 2014

      • TC-2.1.11

        A financing company should use methods of assessment that are appropriate to the controlled function and to the individual's role.

        January 2014

    • Record Keeping

      • TC-2.1.12

        A licensee must, for a minimum period of five years, make and retain updated records of:

        (a) Its recruitment procedures;
        (b) The criteria applied in assessing competence; and
        (c) How and when the competence decision was arrived at.
        January 2014

      • TC-2.1.13

        For purposes of Paragraph TC-2.1.12, the record keeping requirements apply to both current employees as well as to employees following termination of their services or employment with the company, for a minimum period of five years.

        January 2014

      • TC-2.1.14

        The recruitement procedures referred to in Subparagraph TC-2.1.12(a) should be designed to adequately take into account proof of the candidates' knowledge and skills and their previous activities and training.

        January 2014