Accounting & Finance Revision — iCan Qualifications Limited Occupational Qualification
Complete iCan Qualifications Limited Occupational Qualification Accounting & Finance specification revision resources. Tailored syllabus coverage with topic breakdowns, quizzes, and practice questions.
Specification Topics
- Appraising and authorising applications for personal financing and credit facilities
- Agreeing the settlement of straightforward claims for uninsured losses
- Banking procedures
- Calculating and quoting pension scheme retirement benefits
- Dealing with customers by telephone in a financial services environment
- Carrying out initial assessment and investigating complex insurance claims
- Dealing with requests to cancel financial services products or services
- Dealing with straightforward claims for insured losses
- Charging and controlling securities for financing
- Completing reports for mortgage and/or financial planning clients
- Debt Collection Case Management Practice _pre legal_
- Debt Collection Case Management Principles _pre legal_
- Complying with regulations within the financial services environment
- Contributing to the development and launch of new products and/or services
- Debt Collection Negotiations Practice
- Debt Collection Negotiations Principles
- Creating and processing pension scheme new entrant records
- Dealing with complaints relating to financial services products and /or services
- Debt Repayment Monitoring Practice
- Dealing with complex claims for insured losses
- Debt Repayment Monitoring Principles
- Dealing with complex claims for uninsured losses
- Debtor Call Handling Practice
- Assessing and using complex financial information to reconcile accounts
- Understanding Financial Services
- Appraising applications for business financing and credit facilities
- Debtor Call Handling Principles
- Dealing with pension scheme complaints and disputes
- Deliver reliable customer service
- Generating and qualifying sales leads
- Give customers a positive impression of yourself and your organisation.
- Improving and maintaining workplace competence in a financial services environment
- Operating a multi-currency till
- Debt Collection Operations Management Practice
- Debt Collection Operations Management Principles
- Operating a sterling counter till
- Operating credit control procedures
- Operating payment by instalments
- Payment Processing Practice
- Understanding personal finance
- Assessing and using financial information to reconcile stakeholder investment accounts
- Arranging the settlement of investment transactions
- Payment Processing Principles
- Developing and implementing sales call plans
- Planning and organising work in a financial services environment
- Developing and maintaining business relations with financial services’ introducers
- Preparation for Debt Collection Practice
- Preparation for Debt Collection Principles
- Developing productive working relationships with colleagues
- Ensure compliance with legal, regulatory, ethical and social requirements
- Preparing and delivering a sales demonstration
- Establishing and maintaining investor details and records
- Preparing and pursuing statements of account for financial products and services
- Processing applications for financing and credit facilities
- Establishing the price of assets and/or investments
- Processing customers’ financial transactions
- Establishing, monitoring and maintaining bank or building society accounts for customers
- Processing documentation for bank or building society accounts
- Evaluating insurance products and services
- Evaluating risk as an insurance intermediary and advise other intermediaries
- Processing documentation for financing and credit facilities
- Assessing and using straightforward financial information to reconcile accounts
- Use a filing system
- Processing documentation for straightforward life, pensions and investment contracts
- Facilitating an administrative service for mortgage and/or financial planning clients
- Processing instructions for straightforward mortgage and/or financial planning business
- Improve the customer relationship
- Processing life, pensions and investment business applications
- Processing payments relating to stakeholder investment transactions or accounts
- Investigating arrears and recovering debts
- Lead a team to improve customer service
- Processing straightforward claims for uninsured losses
- Maintaining the custody of assets on behalf of the investor
- Processing straightforward insurance business as an intermediary
- Processing straightforward insurance policy documentation
- Managing branch counter services
- Processing straightforward insurance renewals
- Managing the business relationship with clients in a financial services environment
- Processing straightforward insurance renewals as an intermediary
- Managing the quality of decisions to offer financing and credit facilities
- Measuring the performance of investments
- Processing straightforward mid-term amendments
- Authorising requests for payment against life, pensions and investment contracts
- Authorising financial transactions using telecommunications
- Processing straightforward new insurance claims notifications
- Monitor and solve customer service problems
- Authorising the underwriting of life, pensions and investment contracts
- Building effective relationships with clients in a financial services environment
- Calculating and issuing Cash Equivalent Transfer Value CETV
- Contributing to reports for mortgage and/or financial planning clients
- Calculating and Quoting Pension Scheme Death Benefits
- Deal with customers using bespoke software
- Calculating and Quoting Pension Scheme Early Leavers Notifications
Top Exam Board Tips
- Reference the specific lending criteria and regulatory framework (e.g., FCA’s Consumer Credit sourcebook) when justifying approval or decline decisions.
- Role-play customer communication scenarios to ensure clarity and professionalism in both verbal and written notifications.
- Provide a full audit trail in evidence: from initial application to final facility activation, demonstrating compliance at each stage.
- Stay current with financial regulations by reviewing FCA updates and industry codes of practice before the assessment.
- In written or practical assessments, clearly cross-reference your actions to the specific organisational procedures and regulatory guidelines relevant to each step of the settlement process.
- When demonstrating communication skills, show evidence of both verbal and written interactions, ensuring that all parties are kept informed and that confirmations are documented.
- Practice applying a structured approach to claim settlement: verify the loss, assess liability, calculate the quantum, negotiate, and record the agreement.
- Use case studies or role-plays to highlight how you would handle a complaint or a problem, demonstrating empathy, adherence to procedures, and timely escalation where needed.
- Review the FCA's principles for businesses and relevant sections of the Insurance Conduct of Business Sourcebook (ICOBS) to ensure your responses reflect current regulatory expectations.
- When describing banking procedures, use clear, sequential steps and reference industry terminology like ‘clearing’ and ‘settlement’.
Common Mistakes to Avoid
- Relying solely on credit scores without considering debt-to-income ratio or other affordability indicators.
- Assuming a declined application requires less documentation; all decisions must be equally justified and recorded.
- Failing to secure customer data in line with GDPR or Data Protection Act requirements during the assessment process.
- Using overly technical jargon when communicating decisions, leading to customer confusion or complaints.
- Confusing uninsured losses with insured losses, leading to incorrect settlement offers or miscommunication with claimants.
- Failing to verify the validity and quantum of uninsured losses against the terms of the insurance policy and legal principles, resulting in inaccurate settlements.
- Neglecting to obtain proper authorisation or follow organisational sign-off procedures before finalising a settlement.
- Poor record-keeping, such as missing key documents or not logging communication with the claimant and third parties, which can lead to compliance issues.
Key Terminology & Definitions
- Be able to assess applications for personal financing and/or credit facilities, Be able to apply the decision-making process and communicate decisions to customers, Be able to activate the facility, Be able to comply with all codes, laws and regulatory requirements
- Understand the roles and responsibilities of the various parties within the insurance industry related to the work carried out, Understand the details of general insurance policies, Understand how to agree the settlement of straightforward claims for uninsured losses, Be able to obtain and communicate information needed to settle the claim for uninsured losses, Be able to follow organisational procedures in dealing with uninsured loss claims including dealing with problems or complaints, Be able to correctly settle uninsured loss claims, Be able to keep accurate and complete records, Understand the requirements of all codes, laws and regulatory requirements, Be able to comply with all codes, laws and regulatory requirements
- Understand the banking process, Understand document retention and storage requirements.
- Be able to interpret and apply pension scheme rules in the event of a leaver notification, Be able to check that member’s details received are acceptable and complete under legislative and scheme rules, Be able to calculate members’ benefits and the circumstances under which benefits may need to be recalculated, Be able to quote benefits which match retirement benefit calculations in line with scheme, organisational and statutory requirements, Be able to provide an accurate quote on retirement benefits which match retirement benefit calculations in line with scheme, organisational and statutory requirements
- Be able to open a conversation with a customer using a telephone and supporting equipment, Understand how and be able to communicate effectively with the customer using a telephone and supporting equipment, Be able to deal with customer needs by telephone, Be able to comply with legal and organisational requirements
- Understand the roles and responsibilities of the various parties within the insurance industry related to the work carried out, Understand the details of general insurance policies, Understand the information required to process a claim, including organisational procedures, Be able to assess whether the claim is valid, Be able to obtain and investigate additional information required to accept or decline a claim, Be able to communicate with customers and others regarding the progress of the claim, Be able to keep accurate and complete records, Understand the requirements of all codes, laws and regulatory requirements, Be able to comply with all codes, laws and regulatory requirements
- Understand how and be able to discuss the reason for the cancellation with the customer, Understand how and be able to ensure the customer fully understands all the features and benefits which would be lost, if cancelled, Be able to arrange for the customer records to be amended accordingly and for confirmation to be sent to the customer, Be able to work within organisational procedures and legal and regulatory requirements
- Understand the roles and responsibilities of the various parties within the insurance industry related to the work carried out, Understand the details of general insurance policies, Understand how to deal with straightforward claims for insured losses, Be able to obtain information required to progress a straightforward claim for insured losses, Be able to provide advice to customers to help deal with the claim, Be able to work within organisational timescales when dealing with straightforward claims, Be able to keep accurate and complete records, Understand the requirements of all codes, laws and regulatory requirements, Be able to comply with all codes, laws and regulatory requirements
- Be able to assign and/or deposit securities, Be able to monitor securities for financing, Be able to release securities assigned and/or deposited for financing, Be able to understand and comply with legislation and regulation relating to charging and controlling securities for financing
- Be able to prepare and produce reports with mortgage advisers or financial planners, Be able to create reports and produce client valuations, Be able to comply with relevant codes, laws and regulatory requirements
- Be able to monitor progress of debt collection procedures., Be able to liaise with relevant parties in relation to debt collection., Be able to prepare documentation and evidence to support the commencement of legal proceedings.
- Understand the principles of debt collection administration., Understand how to liaise with relevant parties in relation to debt collection., Understand how to prepare documentation and evidence to support the commencement of legal proceedings.
- Be able to find out and identify the regulatory requirements relevant to the job role, Be able to comply with financial regulations, Be able to identify and respond to failures to comply with financial regulations
- Understand the product development process, Be able to contribute to the product and/or service development and launch process
- Be able to make contact with the debtor in an effective and appropriate way., Be able to establish if a debtor is able to make full and immediate payment., Be able to record and where appropriate, investigate disputes., Be able to negotiate repayment solutions.