The Financial Services Skills Council is working with the International Compliance Association to develop new standards for compliance roles in the industry.
The FSSC is aiming to develop compliance standards which will ensure that the compliance function “truly safeguards business” and is interested in devising specific exams for compliance.
It has started the first stage of development through a consultation with providers and IFAs to derive industry needs.
The FSSC is calling on senior compliance practitioners to serve on working groups and comment on draft standards.
However, LIA head of public affairs John Ellis says he is very concerned that this will take away resources from the exams review, which the industry has been waiting for.
Ellis says: “I would have thought it was best to get the first job done before the skills council branches out into other non core areas.”
FSSC head of sector engagements Tom Caple says: “Although our focus will be on compliance within the financial services sector, equivalent functions exist in other industries, many of whom will be interested in the standards that emerge from this project.
“The range of stakeholders demonstrates how important this project is, not just to the compliance community but to the financial services sector as a whole.”