The Finance Industry Authorisation schemes (FinAut) is a national scheme, which aims to safeguard the finance industries authorisation and accreditation schemes. FinAut is currently operating:

Quality in Customer Advisory Services

The aim is to enhance the quality of advice given to customers. This is done through setting common standards of competence across companies to give customers confidence, ensure the quality of the advice given, and provide the basis for legitimacy and credibility.

Competence Documented

The individual's competence is measured with a test at a national level. To become an authorised advisor or seller in one of the schemes you have to pass three different tests, which consist of solving an ethical dilemma in an online exam, a multiple choice knowledge exam, and an extensive practical assessment exam. This gives the employees the same documented competence regardless of the company they are employed in, which provides professional security. This also makes it easier to build tailor-made expertise that can be implemented across companies.

Organization

FinAut is organized with a board and an advisory council for each of the schemes, and one transverse council for common rules, ethics and Code of Good Practice - the mainstay of all schemes.

The FinAut administration arranges all practical aspects related to the operations, coordinates development of curriculas, authorisation exams, candidate registers, and monitoring of candidates and companies that are affiliated. The administration is organized as an association and is owned by Finance Norway and Norwegian Mutual Fund Association. 

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Standards of ethics

The financial industry meets key needs in society. It is the link between all of the economic actors when it comes to loans and credit, managing savings, making payments, offloading risk and safeguarding lives and property.
High levels of expertise are essential for those who work in the industry.

Standards of ethics in the distribution system are particularly important for financial institutions to fulfill their role, be taken seriously and maintain a good reputation.

The reputation of the individual financial institution depends largely on high-quality customer-facing work. An understanding of ethics and the Code of Good Practice is important, but not sufficient.

Read more about

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Role division between FinAut and other actors

FinAut is responsible for:

  • Monitor regulatory developments in conjunction with competence requirements related to sales and consulting
  • Develop competence standards / syllabuses for different subject and product areas
  • Develop syllabuses for the yearly competence updates
  • Document competence and updates through national tests and /or supervision/ internal control
  • Supervise that the affiliated companies complies with the obligations arising of FinAuts regulations
  • Maintain cooperation with financial institutions, educational institutions and other subcontractors
  • Manage the industry professional "point of view" and provide educational materials in ethics and the Code of Good Practice
  • Develop and update expertise that meets FinAuts competence standards

Affiliated companies are responsible for:

(Each company elect scope, methods and any suppliers of educational materials)

  • Managing those parts of FinAuts regulations that the affiliated companies have committed to follow, hereunder
  • Managing candidates
  • Conducting tests
  • Follow up on authorised sellers or advisors
  • Implement internal controls and report to FinAut once per year

Authorised/accredited sellers or advisors are responsible for:

  • Meet all requirements for competence development and competence updates
  • Conduct advice and sales in accordance with ethics and Code of Good Practice
  • Act loyally to FinAuts regulations
  • highlight the industry's drive through FinAut in the public sphere and to member companies
  • thematize professional body and conflicting objectives
  • highlight the Code of Good Practice and contribute to the implementation of the rules on as many product areas as possible

Owner organizations have the responsibility to:

  • highlight the industry's drive through FinAut in the public sphere and to member companies
  • thematize professional body and conflicting objectives
  • highlight the Code of Good Practice and contribute to the implementation of the rules on as many product areas as possible