FSA drops training rules for wholesale staff

The Financial Services Authority (FSA) is handing over more control to wholesale companies by excusing them from training and competence rules. The FSA confirmed the decision as part of its general move towards a more principles-based approach to regulation, believing that wholesale firms should “take their own decisions about the competence of their staff ”. The move was proposed by the FSA in July last year when it also suggested replacing detailed rules on money-laundering with high-level requirements and changes to the approved persons regime, still under consideration, to reduce the burden of regulation.