Frequently Asked Questions
- What does FINRA Rule 2821 require training on?
- When does Rule 2821 go into effect?
- Wasn’t Rule 2821 suspended until August 4, 2008?
- How does the training program work?
- Is reporting available?
- How does record-keeping work?
- How much does the training cost?
Q: What does FINRA Rule 2821 require training on?
A: All registered representatives and supervisors involved in the sale of a deferred variable annuity must receive training on that product. To learn more about this rule, go to www.finra.org.
Q: When does Rule 2821 go into effect?
A: Firms must have a training and record keeping plan in place by May 5, 2008.
Q: Wasn’t Rule 2821 suspended until August 4, 2008?
A: No. The SEC suspended paragraph (c) of FINRA Rule 2821 until August 4, 2008, however, a training and record keeping plan must be in place by May 5.
Q: How does the training program work?
A: Organizations provide Quest CE with a student profile, first name, last name, username and password. Quest loads students into the Quest Learning Management System along with the training course. Students are then directed to a website to login and begin taking the course online. Once a student has successfully completed the course, they may print off a course completion for their records.
Q: Is reporting available?
A: Yes. Quest offers complete reporting on a daily, weekly or monthly basis. Reports can be customized or can simply provide information as far as student status and course completion.
Q: How does record-keeping work?
A: Quest maintains all records according to FINRA and Department of Insurance requirements.
Q: How much does the training cost?
A: Pricing varies based upon volume. Prices may be as low as $2 per student and a maximum price of $10.00 per student for small orders.