Training and competence

This page contains information on -

• The FSA's high-level requirements 

• The Financial Services Skills Council 

• Mandatory qualifications

• CML e-learning product 

The FSA's high-level requirements

The Financial Services Authority (FSA)'s Training and Competence (T&C) Sourcebook requires certain staff to obtain "appropriate" qualifications according to the roles which they undertake. For example, staff who advise on regulated mortgage contracts or equity release transactions are required to have obtained an appropriate professional qualification in giving mortgage advice. 

In addition to the requirement for certain staff to have an "appropriate" qualification, all authorised firms are required to ensure that all staff are appropriately trained and competent to carry out their roles and that appropriate supervision is given where necessary.

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The Financial Services Skills Council 

The Financial Services Skills Council (FSSC) is the body which designates professional qualifications as "appropriate". You can find out more from the FSSC's website. 

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Mandatory qualifications

In relation to mortgages, the following staff will be required to obtain a professional qualification:

• those who advise customers on regulated mortgage contracts;
• those who advise customers on equity release transactions.

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CML e-learning product

With our partners, Absolutely Training Limited, we have produced an inter-active e-learning programme to help lenders make sure that all staff are familiar with the MCOB regime. The original product was launched on 26 April 2004 and we have since added a "basic" course for staff who do not need to have such comprehensive knowledge of the new mortgage rules, and various "refresher" courses. In April 2007 we completely revised the courses to reflect changes being made to MCOB, with the inclusion of new rules and provisions relating to home purchase plans and home reversion plans.

Briefly, the product:

• Presents the content of the MCOB rule book in accessible language and a user-friendly style.
• Divides the material into numbered courses which mirror the structure of MCOB.
• Works by individual licences issued to your staff: you decide which courses they need to study.
• Enables staff to work through the courses and complete a "self test" at the end. You set the pass mark at the level you think is appropriate to each job-holder.
• Provides you with detailed management information on which staff have done which course and when.
• Allows for a considerable degree of "customisation" - you can build on the original course, incorporating details of your own policies and procedures, making the product a valuable part of your integrated training system.
• Will be updated each time the FSA publishes amendments to the rule book. Because the product is delivered on-line, you can be confident that whenever your staff log in, it is to the most up-to-date version.

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