Under the spotlight

Training and competence (T&C) has always been accepted as one of the key tools through which the regulator would meet its statutory objectives of protecting the consumer, instilling market confidence, raising public awareness, and reducing financial crime. Right at the outset, the Financial Services Authority's (FSA) John Tiner stressed that "training and competence is a fundamental part of our regulatory regime".

So, what exactly does the regulator expect? The key reference is the FSA's T&C