The Finance Industry’s Authorisation schemes (FinAut) - Authorisation for bank and insurance advisors
FinAut was established in 2009 and is subsidiary company owned by Finance Norway and the Norwegian Fund and Asset Management Association. FinAut has certified financial advisors for over 10 years providing informative and safe advice for consumers.
As of 2022 FinAut has over 150 member companies and 10 000 authorised financial advisors in Norway.
Through credible self-regulation theory FinAut will create value for the customers, the company, and the society.
The consumer interest should always come first, and the industry is set to deliver the same quality standards in all channels regardless of technology.
The world’s first authorisation achieved by a Norwegian robo-advisor
The Norwegian bank Sbanken, became the first in the world to achieve authorisation for it’s robot advisor in June 2021. With this, the Norwegian financial industry has become the first in the world with certified financial robot advisor.
Competence requirements and authorisation
The authorisation includes a knowledge exam, an ethics exam, and a practical exam. The exams are based on competence requirements defined by FinAut and its members.
FinAut provides authorisation for:
• Savings and investment
• Loan
• Life insurance
• Non-life insurance
• Life insurance - corporate
• Non-life insurance - corporate
• Robo-advisors
Look for the authorisation marks and search for authorised advisors at www.finaut.no.
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.
For the industry to fulfill its role in society and business in a good way and achieve the necessary credibility, it is important that employees are able to:
- Act professionally and trustworthy
- Identify and reflect on ethical dilemmas
- Raise and discuss ethical dilemmas with colleagues or managers
- Justify their decisions in an unbiased manner
Code of Good Practice
Organization
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The path to authorisation
The authorisation of a financial advisor includes a knowledge exam, an ethics exam, and a practical exam. The exams are based on competence requirements defined by FinAut and its members.
Employers can choose their own curriculum, training method and suppliers for competence building. To maintain the authorisation, the advisor must follow the CPD Program and act within the Code of Good Practice.
