Thousands of financial services staff risk prison or heavy fines for breaches of laws they do not know they are committing, according to consultancy Wide Learning.
The firm says 37 per cent of financial services staff have had little or no training on compliance, 23 per cent do not know who their money-laundering reporting officer is and 28 per cent are unsure of regulatory duties.
The survey of 200 City staff working in positions within organisations covered by the FSA showed that 11 per cent still do not know they are under the FSA's jurisdiction and of those who have had some compliance training, 18 per cent have had no training in the last two years.
Wide Learning chief executive Steve Dineen says: “Con-sidering the number of companies suffering heavy fines and even an individual receiving a prison sentence, it is very surprising that so many staff still cannot answer key questions and have not yet been trained. Senior managers, compliance managers and training teams should be reassessing who they have training who needs reassessing.”