UK firms could lose out financially in the long-term if Financial Services Authority (FSA) plans to alter required training and competence are accepted, an expert financial magazine has argued.
According to the latest issue of Securities & Investment Review magazine, the journal of the Securities and Investment Institute (SII), UK financial services companies are at risk of long-term damage, both in terms of finance and reputation, if the changes go ahead.
Chief executive of the SII, Simon Culhane, challenges the FSA CP 05/10 proposal on Training and Competence, under which the authority proposes that individuals dealing with wholesale customers would no longer need to be registered, or have to pass appropriate examinations.
Mr Culhane states: "Exams are a standard, objective, trusted and recognised test of competence across the industry.
"How will firms prove competence? Against what benchmark will competence be determined?"
"At the moment exams provide individuals with a 'passport' which helps labour mobility between firms and countries. How will people move jobs if this passport is now removed?"
The SII boss also indicates that his organisation might be willing to take over the administration of the 'approved persons' (APs) scheme from the FSA.To read more about business advice, click here.
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