The LIA says the Financial Services Skills Council should be stripped of its responsibility for qualifications and have it handed back to the FSA.
LIA head of public affairs John Ellis says handing this responsibility over in total to the skills council would be “risky” and a better approach to reviewing the T&C regime would have been to examine and fill gaps in the existing system.
Ellis believes the FSSC should not be the lead body for control of qualifications, arguing that the present system is already modular and that feature could have been developed further.
He criticises the FSA for scrapping the entire system and starting again and says moving to “appropriate” examinations will result in an inability to confirm that individuals have the necessary knowledge to do their job.
But FSSC director David Jackman believes the FSA does not have the processes or the competence to run a qualifications regime and that even if it did, it would need to seek approval from the skills council, adding an extra layer to the regime.
Jackman says: “I set up the system at the FSA and know it is something they do not want to do. The LIA seems to have a chronic misunderstanding about what we are trying to do.”
Ellis says: “The industry should be required to refer to a list of qualifications enforced by the FSA, not the FSSC. Only in this way will there be certainty we will achieve the desired outcome, that appropriate know-ledge is tested and kept up to date.”