Home > News > March 2006 > 08-Mar-2006

FSA to simplify training and competence rules

The Financial Services Authority (FSA) confirmed this week that its detailed rules on training and competence will not apply from next year to those individuals in financial firms who deal only with wholesale or non-private customers.

Andrew Whittaker, FSA general counsel, said: "Our decision to remove examination requirements from individuals in the wholesale markets reflects our aim to move to a more principles-based approach by allowing wholesale firms to take their own decisions about the competence of their staff."

The FSA said their high-level Principles and Commitments in the Training and Competence sourcebook still require firms to ensure that their employees are competent, and remain competent, to carry out the roles assigned to them.

The FSA will also conduct this year a wider review of its training and competence regime which will take account of the impact of the Markets in Financial Instruments Directive (MiFID) due to be implemented in the UK in November 2007. The FSA said the removal of detailed T & C rules for wholesale business, together with any further changes resulting from the wider review, will be made at the time MiFID is implemented.

These changes to the training and competence regime are set out in the FSA Feedback Statement 06/1 'Reviewing our Training and Competence regime'.

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