Training & Competence
The FCA training and competence regime makes sure the financial services workforce is appropriately qualified and well regulated.
The regime comprises:
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a high-level competence requirement (the 'competent employees rule') that applies to individuals engaged in the regulated activity in all UK authorised firms (including wholesale firms) as set out in the FCA Senior Management Arrangements, Systems sourcebook (SYSC)
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more detailed requirements for certain retail activities, including the need to attain a qualification where relevant, as introduced below and set out in the FCA Training and Competence sourcebook (TC)
The rules and guidance in TC include:
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assessing competence, maintaining competence and training
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requirements for supervision and supervisors
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qualification requirements before carrying on regulated activities
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exemptions from appropriate qualification requirements
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specific obligations in respect of retail investment advisers
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record keeping
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specific knowledge and competence requirements relating to EU Directives
If the TC does not apply – for example, if firms only carry out wholesale activities – then you may wish to refer to the TC when considering how to meet the high-level requirements in the SYSC.
At Compliance Matters UK our T&C partner is Skillcast who are the leading supplier of compliance e-learning to the UK financial services sector.
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Together, we offer the most comprehensive library of e-learning courses addressing Financial Conduct Authority (FCA) regulations.
The library provides 60+ training modules covering everything from high-level and conduct of business standards to thematic topics, including treating customers fairly.
The FCA Compliance Training Course Library includes sector-specific versions for banking, investments and mortgages, plus a full set of SMCR training courses.
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We provide licensed access to the full suite of training for small IFA firms.
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To learn more about how we can support you with your training and competence obligations and to access T&C licences for your team, click the button below.