The FSA has finalised proposals to make a number of changes to its training and competence handbook. The changes include a move from approved examinations to appropriate examinations.
In addition, the regulator has also published a Memorandum of Understanding between itself and the Financial Services Skills Council. David Kenmir, FSA managing director of regulatory services, has taken up a position on the FSSC board.
It said the changes placed a clear responsibility on the senior management of firms to ensure that their staff are equipped to meet the standards of competence required to perform their roles.
The proposals, set out in CP 194 include:
· To move from 'approved' to 'appropriate' examinations,
· To allow firms to reduce the length of time they keep T&C records, if they wish, and
· To clarify the position regarding supervision of sole traders or firms with only one practitioner, director or partner doing a regulated activity.
The changes to the record keeping rule and supervision guidance will come into effect on 1 May 2004, said the FSA.
