T&C: its hour is now

Nothing is quite what it seems, in regulation as elsewhere, says David Jackman of Resources Compliance. Training and Competence (T&C) is a part of the FSA regime, which is perceived by some to be of lessening importance. In fact, the themes of sound training, developing expertise and raising standards of competence have never been more significant.

In November 2007, the FSA withdrew detailed training and competence requirements from wholesale firms, replacing these with a high level principle as part of the Systems and Controls (SYSC) section of the FSA Handbook, mirroring an equivalent principle in MiFID. FSA has also ‘simplified’ the retail T&C requirements, although retaining most of the pre-existing themes and the examination elements.