Since 1st November 2007, employees advising and/or dealing in securities / securities and financial derivatives/derivatives/financial derivatives on behalf of retail clients (which could include clients which have opted to be treated as retail clients under MiFID) have been subject to FSA’s T & C Sourcebook and the Financial Services Skills Council (FSSC) Appropriate Examination list.

The Investment and Risk exam

The Investment and Risk exam is a:

 1 ½ hour paper consisting of 60 multiple-choice questions

 
Key Features - Investment and Risk

 From 19 November 2007 Retail employees advising and dealing in securities and /or securities and financial derivatives now take:
1) FSA Financial Regulation
2) Securities / Securities and Financial Derivatives
3) Investment and Risk (additional unit)

From 1 May 2008, employees completing a qualification to advise and/or deal in derivatives / financial derivatives on behalf of retail clients (which could include clients which have opted to be treated as retail clients under MiFID) will have to take the additional Investment and Risk unit.

From 1 May 2008, retail employees advising and dealing in derivatives or financial derivatives will take:
1) FSA Financial Regulation
2) Derivatives / Financial Derivatives
3) Investment and Risk (additional unit)

source : CISI website