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FSSC wants T&C schemes endorsed by regulator

The Financial Services Skills Council is calling for the formal endorsement of training & competence schemes following the FSA’s proposed consultation on reviewing the T&C sourcebook.

The regulator’s consultation will be published shortly and the FSSC says that is largely down to the fact that in a post-Mifid world, T&C will become ever more important.

Off the back of this, the FSSC will canvass the views of the industry and launch its own consultation with an emp-loyer event to review the design of the FSSC endorsement scheme and the development of relevant standards to be published later this year.

The March event will be open to senior representatives of firms from the retail and wholesale markets and details will be released on the FSSC website next month. Initial feedback indicates that an endorsement scheme would offer firms an industrywide standard acting as a benchmark to reassure senior management a closer fit between T&C and TCF and the ability to take a risk-based rather than rule-based approach.

FSSC standards and accreditation director Lucy Court-enay says: “We are interested in the possibilities that FSSC endorsement of T&C schemes may offer as an industry solution to meet the FSA’s principles-based approach to regulation in a post-Mifid world.”

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