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FSA/PN/136/2008
19 November 2008

The Financial Services Authority (FSA) today welcomed the work done by the Financial Services Skills Council (FSSC) on setting and raising standards, following the publication today of the FSSC guidance on good practice for training and competence (T&C) schemes, 'T&C Standards and Good Practice Guidance'.

Dan Waters, director of retail policy and conduct risk at the FSA, said:

"Whilst the FSSC's good practice guidance on firms' T&C schemes is not guidance confirmed by the FSA, we welcome the continued work of the FSSC and other bodies in the financial services industry in setting and raising standards. The competence of firms' staff has a direct effect on the quality of consumer outcomes, and the effective way that the FSSC sets the appropriate examination standards which underpin our competence requirements benefits the entire market."

Notes for editors

  1. The Financial Services Skills Council (FSSC) is an independent, employer-led organisation, established in 2004 to provide strategic leadership for education, training and skills development for financial services, accountancy and finance across the UK. Its aim is to ensure the people in the financial services sector have the skills and knowledge that are essential in furthering overall industry productivity and competitiveness.
  2. The FSSC sets standards for appropriate examinations as part of the FSA's Training and Competence requirements.
  3. The FSSC guidance can be viewed on its website http://www.fssc.org.uk/.
  4. 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; securing the appropriate degree of protection for consumers; and fighting financial crime.
  5. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.

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