News Details

03 May, 2007

CP07/4 - Training & Competence Review

The FSA are seeking comments on proposed changes to the T&C regieme by 23 May 2007.

The implementation of the MIFID directive on 1 November 2007 has meant that the FSA need to move the goal posts again to avoid inwardly passporting MIFID firms from having a competative advantage over UK based firms.

The move to principles based regulation means that the FSA are looking to :-

  • Remove detailed requirements for Firms involved in the Wholesale sector.
  • Place greater emphasis on outcomes
  • Require Firms to "employ personnel with the skills, knowledge and expertise necessary".
  • Place responsibility for implementation on the Senior Management of the Firm
  • Abolish the "2 year" rule for completing the approved examinations
  • Abolish the distinction between Supervision and Monitoring
  • Require Firms to retain evidence (records) for 5 years of assessments etc.

The proposed changes will see a 66% reduction in the size of the T&C rulebook.

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