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FCA considers accredited staff training

Lord Sassoon
Treasury minister Lord Sassoon in the House of Lords

Treasury commercial secretary Lord James Sassoon says the FCA is considering introducing externally accredited training courses for its staff.

Speaking in the House of Lords on Monday, Sassoon was responding to a question tabled by Tory peer Lord Howard Flight asking whether the Government is considering forcing regulatory staff to take qualifying exams.

Sassoon said it is up to the Prudential Regulation Authority and Financial Conduct Authority to decide how they train staff.

He said: “The FCA is exploring whether to have training externally accredited which is something the FSA has not done up to this point. The PRA is developing a comprehensive strategy including a three-year training programme for new graduates. It is being taken extremely seriously.”

Flight said: “There are no examinations required to be passed by people working as regulators whereas the RDR reforms are requiring all financial advisers, irrespective of age, cleanness of record and experience, to take examinations.”

Clayden Associates director Dan Clayden says: “There would be a cost involved and this would be passed on to the industry so it should be consulted on.”

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