Ensuring your employees are competent and trained effectively can have a significant impact on company performance. FCA and PRA regulations also mean that firms need to be able demonstrate that their employees have the right competencies, qualifications and are fit and proper to carry out their roles.
The FCA Training and Competence (T&C) regime is intended to support consumers by making sure the financial services workforce is appropriately qualified and well regulated. The regime includes a list of appropriate qualifications for firm activities and services. The content and level of these qualifications is prescribed through examination standards.
Individuals must have appropriate qualifications, be assessed as competent by their firm, maintain their competence through training and meet standards of behaviour. Firms need to meet competence requirements in three principal areas: assessing competence, maintaining competence and record keeping.
Competence means having the skills, knowledge and expertise needed to discharge the responsibilities of an employee's role. This includes achieving a good standard of ethical behaviour.