Finance Monthly December 2019 Edition

Training and Competence (T&C) was introduced into UK financial services back in the 1990s along with requirements around professional qualifications. The purpose of the rules around T&C was to ensure that individuals providing advice to retail consumers were competent to do so, therefore minimising the risk of detriment to the customer, the firm or both. Since then, T&C has gone through a variety of iterations depending on who the regulator of the day was; introduced under LAUTRO in 1993, updated by the PIA in 1997, taken forward by the FSA in 2001 and then subsequently given more prominence by the FCA in 2014. MAKING TRAINING & COMPETENCE WORK WHAT ARE THE KEY DIFFERENCES FOR SMEs OVER CORPORATIONS? Julie Pardy - Director of Regulation and Market Engagement Worksmart www.worksmart.co.uk 24 www.finance-monthly.com FINANCE & BUSINESS - MAKING TRAINING & COMPETENCE WORK