FSA continues efforts to streamline rule book
The Financial Services Authority (FSA) has completed its review of the training and competence regime for retail firms following its earlier decision to exempt wholesale firms from detailed rules on the implementation of MiFID. Under the new regime, all firms will be subject to a single high-level competence requirement but for retail firms only this will be supported by a simplified version of the T&C Sourcebook. The FSA said the new sourcebook – which will not apply to wholesale firms – would be one-third the length of the current rules. The examination requirement for retail firms will remain in place, the regulator said, and the regime will be kept under review with the aim of introducing further principles-based regulatory change. “The longer-term aim is to be able to remove the T&C Sourcebook altogether and rely on high-level competence requirements across all sectors. However this will not happen until the FSA is satisfied that firms have in place effective ways of achieving appropriate and consistent standards in the T&C area. The FSA will keep the position under review”, the FSA said.
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