FSSC Endorsement of Training & Competence Schemes
Consultation Paper
Background
Scheme Development Approach
Face to Face Consultation
Online Consultation
Since the publication of the FSA’s Consultation paper 05/10 and its response, there has been renewed interest by major firms in retail and wholesale financial service sector in some form of recognition or accreditation for their Training and Competence Schemes.
In consultation paper 07/4 the Financial Services Authority refers again to FSSC endorsing T&C schemes and the potential implications. More information can be found at
http://www.fsa.gov.uk/Pages/Library/Policy/CP/2007/07_
04.shtml
(See paragraphs 3.24, 3.27 and 3.28.)
The Financial Services Skills Council has canvassed views across the whole financial services industry and with their Major Employers’ Advisory Forum on the potential scope to launch an Endorsement of Training & Competence (T&C) Schemes.
The high level feedback indicates that an endorsement scheme would offer firms:
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an industry-wide standard which would serve as an external benchmark and provide reassurance to senior management
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a closer fit between T&C and Treating Customers Fairly
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the ability to take a risk-based rather than a rule-based approach to T&C.
In addition, a number of potential disadvantages were identified:
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Accreditation will not be worthwhile if the FSA does not recognise or value it in some way
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There would be little appetite for another layer audit which duplicated existing processes
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Standards need to be realistic and achievable but not reflect the lowest common denominator
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Possible implications of the implementation of MiFiD
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Firms will need to see measurable business benefits
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In developing the proposed FSSC Endorsement of T&C Schemes, the FSSC plans to build on its experience of developing a suite of accreditation schemes, designed to enable firms to demonstrate that their training and competence regimes produce a solid business outcome and meet FSA commitments.
The mooted endorsement scheme could be combined with a new FSSC Endorsement of In-house Exams and relevant qualifications from the FSSC’s Appropriate Exams list in order to enable wholesale firms to demonstrate FSA compliance. This is particularly relevant to firms affected by the disapplication of TC2 (activities carried by firms with or for private customers) for wholesale businesses.
Its structure may be similar to existing FSSC schemes in which firms applying for endorsement of their T&C schemes undertake a self-audit to gather evidence to demonstrate they meet the industry standards, followed by an external audit conducted by independent auditors appointed by the FSSC, and panel decision
(panel comprise of distinguished business leaders and training experts from within the sector and from outside).
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The design of the FSSC endorsement schemes was explored further at an employer consultation event at the Skills Council’s London headquarters on 26 March 2007. The event was opened to senior representatives of firms from the retail and wholesale markets.
Please see feedback from delegates at the meeting contained in the minutes of meeting.
In addition, on the 28th March the FSA held its T&C Conference where Teresa Sayers, Chief Executive of the FSSC gave a presentation. Please see copy of Teresa’s presentation to FSA Conference delegates.
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Industry feedback is important to FSSC. If your organisation was unable to send a representative to the employer consultation event and you would like to have your say on how the scheme is developed, please take a little time to Complete the online feedback form and e-mail it to the FSSC at accreditation@fssc.org.uk. by 11th May 2007.
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