The FSA publishes Training and Competence sourcebook

The rules and guidance set out in the T&C sourcebook provide the industry with a more flexible and less prescriptive approach to meeting the appropriate standards of competence for employees, while also safeguarding consumers.

To assist firms in the implementation of the T&C requirements, the FSA will also put in place a number of initiatives to create a better understanding of the T&C regime. These include:

• a programme of roadshows starting in January 2001 which will provide an update on the T&C requirements;

• two series of T&C workshops, one of which will focus on the implementation of the new T&C requirements for those staff in back office administration, the other will focus more generally on the implementation of the sourcebook;

• an employees' leaflet which will explain in plain language how the new rules and guidance affect individuals working in financial services;

• the provision of a Template which assists trade bodies and institutes who intend to develop various Toolkits. Toolkits may help firms in a specific market sector to develop their training systems in line with the FSA's T&C requirements; and

• setting up a T&C telephone helpline
  

Notes for editors

1. The T&C 2001 Roadshows will run from end January to end February. They will be held in various locations including London, Bristol, Birmingham, Manchester and Edinburgh. Booking forms are available from the FSA by calling Kathy McCall on 020 7066 9010.

2. There will be an announcement on the two series of T&C workshops at a later date.

3. A Policy Statement entitled Feedback Statement to CP60: Training and Competence Sourcebook has been published in final form following considerable discussion with consumer groups, industry bodies, institutes and firms.

4. The rules and guidance will be implemented when the FSA assumes its full powers in the summer of 2001.

5. The FSA received over 300 written responses during the consultation period and more than 2,200 individuals attended the 24 roadshows.

6. Examinations. The existing examinations applying to the current regulatory bodies will be harmonised in the future to ensure a consistent and coherent set of standards throughout the industry. Over the next few years the FSA (guided by the training advisory panel) will consider in detail the approved examination standards for the industry.

7. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

8. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.