Quality of advice means exams must stay - FSA

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The FSA is suggesting the quality of advice delivered to retail consumers is not good enough to warrant removing all prescriptive rules of the Training and Competence regime.

According to a consultation just issued by the Financial Services Authority - entitled CP07/04: The Training and Competence Sourcebook Review – while the FSA has considered removing all prescriptive rules relating to T&C for retail firms and moving to a principles-based system, a study it has commissioned has concluded it is necessary to maintain “compulsory exam requirements in the retail sector” so firms can prove they are compliant with T&C rules, because there would be questions about consumer protection if they were removed. More specifically, the FSA says it had looked to scrap the T...

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