The Financial Services Authority has set out proposals for a shorter and more outcome-focused Training and Competence (T&C) Sourcebook that will apply only to retail firms and business.
The FSA says this is part of its drive to simplify and streamline its Handbook and remove prescriptive requirements. The new T&C regime will be founded on high-level rules and guidance but will retain exam requirements for retail business.
All the proposed changes to the T&C regime will come into force on 1 November 2007, when MiFID is implemented.
“Our proposals are the result of a ‘blank sheet of paper’ review of our T&C regime,” says Dan Waters, FSA Director of Retail Policy. “This is all part of our move to more principles-based regulation.”
“As with the changes we’re proposing for the Conduct of Business sourcebook, we believe the new T&C regime will give firms more flexibility to achieve the outcomes we want in a way that suits them best. The new T&C Sourcebook is much simpler, shorter and more user-friendly.”