Changes To Existing T&C Schemes

The FSA published final rules to strengthen training and competence requirements for all individuals carrying out customer facing regulated retail activities. The rules also clarify FSA expectations regarding standards of behaviour for all approved persons. Reflecting the FSA’s increased focus on competence, the proposals introduce a 30 month deadline for individuals to complete all modules of a qualification required for their role. The rule has been introduced from 1 January 2011. This will not impact existing advisers in their current roles but will be applicable for new entrants to the industry or to existing advisers looking to become qualified in new areas such as occupational pension transfers. Qualifications that meet FSA regulatory requirements will now be listed in the FSA Handbook so that firms and individuals will have an easily accessible and comprehensive source of approved qualifications. The FSA will also own and oversee the production and changes to examination standards in future ensuring that standards are reviewed every three years. Further changes clarify how individuals operating under the Significant Influence Function should be responsible for ensuring the competence of employees in their designated area of the business. (Source: FSA)

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