Certification Examples

Certification examples describe real live examples of certifications which are in use by customers of the LMS. Examples here are the insurance distribution directive (IDD), the Markets in financial instruments directive (MiFID) and the Swiss Allocation for Quality (SAQ). Certification are an requirement for mainly all insurance and financial customers.

References

• EU rules on insurance distribution (IDD)

• Investment services and regulated markets - Markets in financial instruments directive (MiFID)

• SAQ Zertifizierungssystem

Insurance distribution directive (IDD)

Under the framework, known as the insurance distribution directive (IDD), consumers and retail investors buying insurance products will benefit from

• greater transparency in the price and costs of insurance products

• a simple, standardised insurance product information document (IPID) providing clearer information on non-life insurance products, so that consumers can make more informed decisions

• where insurance products are offered in a package with another product or service, for example when a new car is sold together with motor insurance, consumers will have the choice to buy the main product or service without the insurance policy

• rules on transparency and business conduct to help consumers avoid buying products that do not meet their needs

Markets in Financial Instruments Directive (MiFID)

In June 2014, the European Commission adopted new rules revising the MiFID framework. These consist of a directive (MiFID 2) and a regulation (MiFIR).

MiFID 2 aims to reinforce the rules on securities markets by

• ensuring that organised trading takes place on regulated platforms

• introducing rules on algorithmic and high frequency trading

• improving the transparency and oversight of financial markets – including derivatives markets - and addressing some shortcomings in commodity derivatives markets

•  enhancing investor protection and improving conduct of business rules as well as conditions for competition in the trading and clearing of financial instruments

Swiss Association for Quality (SAQ)

Increasingly discerning clients and stringent compliance requirements mean that relationship managers need to be extremely skilled in what they do. Having a common and uniform quality standard permits transparency in how the financial industry organises its training. This standard forms the basis for the key attributes in this sector, professionalism and excellence.

As an established, neutral and government-accredited body for the certification of persons in accordance with ISO 17024, the SAQ Swiss Association for Quality offers the ideal solution for the Swiss and international banking industry in the form of its certification scheme for banking relationship managers.

Quality characteristics of the scheme:

• A certification standard in accordance with ISO 17024 that is accredited by the Swiss Accreditation Service SAS (SECO)

• Comparable benchmarks for competence and expertise

• Supported by the banking industry

• Recommended by the Swiss Bankers Association

• Aiming for national (FinSA) and international recognition

• SAQ as an established, neutral and experienced centre of expertise for the certification of persons