Training and Competence Revisited
At the 8th Annual Training and Competence Conference of the Securities and Investment Institute, industry experts claimed that firms will need to capitalise on their T&C arrangements to motivate and differentiate their staff.
London, United Kingdom, June 18, 2008 --(PR.com)-- In a well-attended event at The Brewery,today, representatives from the financial services industry, the FSA and industry bodies discussed how the new principles-based T&C regime can benefit the industry, the clients and individual firms. Firm values, ethics and integrity were all discussed as part of a successful implementation of a T&C scheme.
All the proposed changes to the T&C regime came into force on 1 November 2007 when MiFID was implemented. The new T&C regime is founded on high-level rules and guidance but will retain exam requirements for retail business, which are still seen as essential to protect consumers.
In a separate statement, Dan Waters, FSA Director of Retail Policy, said:
"This is all part of our move to more principles-based regulation. As with the changes we're proposing for the Conduct of Business sourcebook, we believe the new T&C regime will give firms more flexibility to achieve the outcomes we want in a way that suits them best. There is, though, no question of lowering the competence standards we expect of firms and their staff – these play a key role in protecting consumers."
The longer-term aim is to be able to remove the T&C Sourcebook altogether and rely on high-level competence requirements across all sectors. However this will not happen until the FSA is satisfied that firms have in place effective ways of achieving appropriate and consistent standards in the T&C area.
“These changes place a clear responsibility on the senior management of firms for ensuring that their staff are equipped to meet the standards of competence required to perform their roles” says Alexandra Kelly, the MD of Powerchex, who was chairing today’s conference. “In an increasingly competitive market, firms need to capitalise on their T&C arrangements to motivate and differentiate their staff. Getting this right will save costs and generate business benefit”.
Notes To Editors:
About Powerchex
Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.
www.powerchex.co.uk.
For an interview with Powerchex’s director Alexandra Kelly, contact:
Nikela Kapota
nkapota@powerchex.co.uk
0207 767 2438
###
All the proposed changes to the T&C regime came into force on 1 November 2007 when MiFID was implemented. The new T&C regime is founded on high-level rules and guidance but will retain exam requirements for retail business, which are still seen as essential to protect consumers.
In a separate statement, Dan Waters, FSA Director of Retail Policy, said:
"This is all part of our move to more principles-based regulation. As with the changes we're proposing for the Conduct of Business sourcebook, we believe the new T&C regime will give firms more flexibility to achieve the outcomes we want in a way that suits them best. There is, though, no question of lowering the competence standards we expect of firms and their staff – these play a key role in protecting consumers."
The longer-term aim is to be able to remove the T&C Sourcebook altogether and rely on high-level competence requirements across all sectors. However this will not happen until the FSA is satisfied that firms have in place effective ways of achieving appropriate and consistent standards in the T&C area.
“These changes place a clear responsibility on the senior management of firms for ensuring that their staff are equipped to meet the standards of competence required to perform their roles” says Alexandra Kelly, the MD of Powerchex, who was chairing today’s conference. “In an increasingly competitive market, firms need to capitalise on their T&C arrangements to motivate and differentiate their staff. Getting this right will save costs and generate business benefit”.
Notes To Editors:
About Powerchex
Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.
www.powerchex.co.uk.
For an interview with Powerchex’s director Alexandra Kelly, contact:
Nikela Kapota
nkapota@powerchex.co.uk
0207 767 2438
###
Contact
Powerchex
Nikela Kapota
02077672438
www.powerchex.co.uk
Powerchex Limited
Gun Court, 70 Wapping Lane
London E1W 2RD
Nikela Kapota
02077672438
www.powerchex.co.uk
Powerchex Limited
Gun Court, 70 Wapping Lane
London E1W 2RD
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