It is, of course, obvious that skilled and motivated people are a vital resource in a competitive business environment. What is less obvious is that the necessary skills and motivating factors are changing all the time. You need to be sure that your people learn industry proven skills which match the present and future needs of your business. One example of this changing emphasis is shown in the words of the Chief Executive of the FSA, John Tiner:

“Training and Competence is a fundamental part of our regulatory regime and system. Clearly, having competent people out there providing financial services to consumers is a major part of building confidence in the financial system and, ultimately, protecting consumers from inappropriate behaviour.”

It is clear from this statement that the FSA expects a firm’s senior management should take ownership and ensure that their T&C scheme is appropriate and effective. Where the FSA finds that a firm is providing inadequate training, even where there is no evidence that these inadequacies have led to a problem, then discipline is likely to result.