The Financial Services Authority confirmed on Tuesday that its detailed rules on training and competence will not apply from next year to those individuals in financial firms who deal only with wholesale or non-private customers.
The change forms part of the FSA's move towards a more principles-based approach to regulation. The FSA's high-level Principles and Commitments in the Training and Competence sourcebook still require firms to ensure that their employees are competent, and remain competent, to carry out the roles assigned to them.
The FSA will also conduct this year a wider review of its T & C regime which will take account of the impact of the Markets in Financial Instruments Directive (MiFID), which is due to be implemented in the UK in November 2007. The removal of detailed T & C rules for wholesale business, together with any further changes resulting from the wider review, will be made at the time MiFID is implemented.
Andrew Whittaker, FSA General Counsel, explained that:
"Our decision to remove examination requirements from individuals in the wholesale markets reflects our aim to move to a more principles-based approach by allowing wholesale firms to take their own decisions about the competence of their staff."
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