QFA Regulation study guide
QFA Regulation · Work through your exam, one topic at a time.
The QFA - Certificate in Professional Financial Advice - is a professional qualification for people working in, or moving into, Irish financial advice. It is offered by LIA, which describes itself as the educational and professional association for individuals working in the financial services industry, and it sits alongside LIA's other professional qualifications such as the APA designations, the CUC/CUG/CUA and the PTP. The QFA Regulation study guide has 6 sections and about 1,633 words.
01Life Assurance: Regulation, Suitability and Disclosure
Life assurance regulation combines prudential rules (authorisation, capital, governance) with conduct rules such as the Consumer Protection Code, suitability, disclosure, complaints and claims handling. Learn the product map: term, whole-of-life, unit-linked savings, annuities and income protection.
311 words, about 2 min02Pensions: Regulation, Funding and Tax Relief
Pensions regulation covers State pensions, occupational defined benefit (DB) and defined contribution (DC) schemes, personal pensions, PRSAs, ARFs and annuities. Know the Pensions Authority’s role, trustee duties, the funding standard, disclosure requirements and the IORP framework.
286 words, about 1 min03Savings and Investments: Conduct, Risk and Protection
Savings and investment regulation is mainly conduct-focused: know your client, risk profiling, suitability and appropriateness, product governance, cost disclosure and fair treatment. MiFID II rules apply to investment firms; PRIIPs requires a key information document for packaged products.
268 words, about 1 min04Personal General Insurance: Indemnity and Disclosure
Personal general insurance is indemnity-based: the insurer restores the insured to the pre-loss financial position, subject to sums insured, excesses and policy conditions. Know insurable interest, the duty to disclose material facts, average or underinsurance, excess, no-claims discount, subrogation and contribution.
242 words, about 1 min05Commercial General Insurance: Proportionality and Contract Terms
Commercial general insurance applies proportionality and contract law rather than the full consumer protection regime. Candidates must know property, employers’ liability, public and products liability, professional indemnity, business interruption, and the principles of indemnity, insurable interest, disclosure, warranties, conditions, subrogation and contribution.
267 words, about 1 min06Private Medical Insurance and Associated Insurances
Private medical insurance (PMI) is health insurance regulated by the Health Insurance Authority, with community rating, open enrolment, lifetime community rating (LCR) and minimum benefit rules. Insurers must charge the same price to everyone of the same age for the same cover and cannot individually underwrite.
259 words, about 1 min