The Financial Services Authority (FSA) confirmed the introduction of a more outcome-focused and flexible Training and Competence (T & C) regime – including a new, shorter, simpler and more principles-based T & C Sourcebook.
“The new T & C regime is the result of a comprehensive review of our T & C requirements, conducted as part of our move to more principles-based regulation,” says Dan Waters, FSA Director of Retail Policy. “We believe the new regime will give firms more flexibility to achieve the outcomes we want in a way that suits them best. There is, though, no question of lowering the competence standards we expect of firms and their staff – these play a key role in protecting consumers.”
The new T & C regime comes into force on 1 November 2007. It is based on high-level rules and guidance, but will retain the existing exam requirements for retail business. This revision is part of the FSA’s drive to simplify and streamline its Handbook.