PFS says principles-based approach to TC failed

The FSA plans to significantly beef up its TC regime, including imposing a 30 month deadline for individuals to complete all modules of qualifications required for their role. Competence "is more than just passing a qualification", the regulator stated in its CP10/12 Competence and ethics paper, published on Friday. The proposals represent a shift away from the more generic rules in place since the last TC overhaul in 2007, says PFS chief executive Fay Goddard. "The fact the FSA is now introducing [a prescriptive approach] again is a clear indication the regulator's principles-base...