The FSA is modifying its training and competence rules...
The FSA is modifying its training and competence (T&C) rules. The regulator is removing the obligation for individuals in financial firms who deal only with wholesale or non-private customers to conform to its T&C rules.
The new regime will apply from next year. However, the FSA's Principles and Commitments in its ‘Training and Competence' sourcebook still require firms to ensure that their employees are competent to carry out the roles assigned to them.
Andrew Whittaker, the FSA's 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 will also conduct a wider review of its T&C 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.
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