The Financial Services Skills Council is to develop a training and competence endorsement scheme, which would provide firms' senior management with an industry-wide T&C standard.
The announcement follows a Financial Services Authority (FSA) consultation on reviewing the T&C sourcebook, which will be published shortly. The FSSC will launch an industry consultation on the endorsement scheme next month and relevant standards will be published later this year. Initial feedback from FSSC members indicates an endorsement scheme would provide firms with: An industry-wide standard which would serve as an external benchmark and provide reassurance to senior management; A closer fit between T&C and treating customer fairly (TCF); and The ability to take a risk-base...
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