2.5.1 Supervision of new entrants
1. A regulated firm must:
a) inform the new entrant, before he or she commences the activity, of the requirement to obtain a relevant recognised qualification within four years;
b) agree a plan for obtaining a recognised qualification with a new entrant and monitor the new entrant’s progress in adhering to this plan; and
c) where an opportunity to sit an examination is not availed of by a new entrant, the regulated firm must document the reasons why.
2. Regulated firms must have procedures in place to ensure that new entrants are adequately supervised. Such procedures must include, at a minimum, provision for the following:
a) All documentation relating to advice on or arranging or offering to arrange retail financial products for consumers or undertaking specified functions must be checked and signed off by a person who is a qualified person or a grandfathered person for that function until the new entrant obtains a qualification recognised in respe
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