An insurance intermediary recruits Fiona as a trainee personal financial adviser. 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)

The rule set emphasizes supervision and verifiable competence for trainee advisers. Requiring all 'Reason Why' statements to be checked and signed off by someone with a recognised qualification creates a safety net: it ensures the rationale behind recommendations is accurate, appropriate to the client, and aligned with regulatory expectations before it reaches clients. This sign-off adds accountability and quality control to the advice process.

Having a qualified adviser accompany the trainee at initial client meetings provides real-time oversight and mentoring. It helps the trainee learn how conversations should be conducted, how to handle questions, and how to present recommendations properly, while safeguarding clients during the early learning phase.

There isn’t a blanket 12-month prohibition on advising on pension products under the MCC. The code relies on supervision and sign-off requirements rather than a fixed waiting period.