FSA relaxes training rules

FSA rules on training and competence will no longer apply to individuals dealing solely with wholesal...

FSA rules on training and competence will no longer apply to individuals dealing solely with wholesale or non-private customers from next year.This change forms part of the regulator’s move towards a more principles-based approach, although it will still require firms to ensure their employees are competent to carry out roles assigned to them. Later this year, the FSA will conduct a wider review of its T & C regime, taking account of the impact of the Markets in Financial Instruments Directive (MiFID) due to be implemented in the UK in November 2007. The removal of detailed T & C rules for ...