An insurance intermediary has recruited Fiona straight from college as a trainee personal financial adviser to advise its clients on life assurance and pension policies. Under the Central Bank's Minimum Competency Code, the intermediary must ensure that: (i) all 'Reason Why' statements provided by Fiona to clients are checked and signed off by another person who holds a recognised qualification. (ii) Fiona is accompanied for an initial period at client meetings by another person who holds a recognised qualification. (iii) Fiona is not allowed to advise on pension products for at least 12 months after commencing employment.

• A. (ii) only.
• B. (i) and (ii) only.
• C. (i) and (iii) only.
• D. (i), (ii) and (iii).

Answer: (B)

Under the Central Bank's Minimum Competency Code, a trainee personal financial adviser must be supported by proper supervision and documented oversight of their advice. The requirement that all Reason Why statements be checked and signed off by someone with a recognised qualification ensures the rationale behind recommendations is reviewed for accuracy, appropriateness, and compliance before it reaches the client. The rule that the trainee is accompanied at client meetings by a qualified adviser provides real-time guidance and ensures learning occurs in a compliant, supervised environment. There isn’t a blanket 12-month waiting period before a trainee can advise on pension products; pension advice can be given under supervision as the trainee progresses, so that restriction isn’t part of the code. Therefore, the validated requirements are the sign-off of Reason Why statements and supervision at client meetings, not a fixed delay before pension advice can be given.