FSA to shift T&C to MiFID requirement

The FSA says the high-level provisions in its training and competence sourcebook – known as ‘commitments’ – are covered either explicitly or implicitly by the MiFID competence requirement, which states: “[Firms] must employ personnel with the skills, knowledge and expertise necessary for the discharge of responsibilities allocated to them…taking into account the nature, scale and complexity of the business of the firm, and the nature and range of investment services and activities undertaken in the course of that business.” The FSA has already consulted on copying out the MiFID provisio...