Training and competence helps businesses to make sure that their staff are appropriately qualified and competent.
The FCA expects individuals to have the appropriate qualifications, be competent, and maintain their competence through ongoing training.
The FCA's training and competence regime consists of
a high-level competence requirement (the ‘competent employees rule’) that applies to individuals engaged in the regulated activity in all UK authorised firms as set out in our Senior Management Arrangements, Systems and Controls source book (SYSC)
more detailed requirements for certain retail activities, including the need to attain a qualification where relevant, as set out in the FCA's Training & Competence source book (TC)
The FCA defines competence as having the appropriate skills, knowledge and expertise required to execute ones responsibilities as an employee. This extend to developing a good standard of ethical behaviour as well as professional conduct.
Your firm will be expected by the regulator to regularly review employee competence and training needs. Firms are required to consider changes in their market, products and services as well as changes in regulation and legislation, and ensure that their staff update their skills, expertise and technical knowledge accordingly.
You will be required to keep records of anything relating to training and competence. Adequate records will be required of staff recruitment, training, competence assessments, staff supervision and their qualification relevant to their roles as defined in the Training and Competence source book.
We can help you with your staff training and assessment requirements. We offer both online and onsite staff training, delivered in an engaging and collaborative manner. We can also provide department-specific training to ensure that only relevant training is delivered. We also help companies with training assessment and offer ongoing training and assessment support to ensure your employees are kept updated with regulation and legislation.