Which of the following, who work for ABC Life Co, are subject to the Central Bank's Minimum Competency Standards? (i) A personal financial adviser. (ii) The claims manager. (iii) The complaints manager.

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

Answer: (D)

The central idea here is that the Central Bank’s Minimum Competency Standards apply to anyone in a financial services firm who performs regulated activities or who directly affects the quality of outcomes for customers. In a life company, that obligation isn’t limited to advisers alone; it extends to roles that influence how products are administered, claims are handled, and complaints are resolved.

A personal financial adviser clearly fits the standard because they provide financial product advice and recommendations to clients, which is a regulated activity requiring demonstrated competence.

The claims manager, while not giving advice, handles the processing and settlement of claims and must apply policy terms correctly, assess eligibility, and comply with regulatory rules. This directly affects customers’ benefits and the insurer’s compliance with the rules, so competence in these processes is required.

The complaints manager also operates in the customer-facing space, ensuring complaints are investigated and resolved in line with regulatory expectations and the firm’s policies. Understanding products, terms, and the applicable complaint-handling rules is essential here.

Because all three roles involve activities that touch regulated outcomes for customers, each one falls under the Minimum Competency Standards.