The operational training and competence examinations administered by the London-based Securities Institute are to be reviewed as part of a shake-up of training in the UK financial sector following the establishment by the Financial Services Authority (FSA) – the UK regulator- of the Financial Services Skills Council (FSSC).
The FSA said that now that the FSSC was officially up and running it would be responsible for both the exam review and managing the appropriateness of exams. The FSA, the Financial Services Skills Council (FSSC) and the Securities Institute shared a platform for the first time since the Skills Council was given its licence by the government at the Securities Institute T raining & Competence Best Practice Forum in London this week.
Sarah Thwaites, Industry Training and Events Manager of the FSA quoted her chief executive John Tiner in saying that “reports of the death” of training and competence had been greatly exaggerated and that “training and competence is a fundamental part of our regulatory regime and system.” She also emphasised the importance the FSA places on senior management accountability.
Teresa Sayers, Managing Director of the FSSC said that although the exam review was a key part of their responsibility, their remit goes beyond the training and competence exam review. She emphasised that the FSSC also maintained responsibility to manage the appropriateness of examinations. On the exam review, Sayers said that it was the FSSC’s goal to speed up the process and was committed to completing the further eight exam reviews before the end of 2007.
“We are delighted to hear that the exam review process will be accelerated, particularly as the next stage will involve the reviewing of back office and securities and investment examinations which are core to the Institute ,” says Ruth Martin, Managing Director of the Securities Institute.