Training & Competence Schemes for the Financial Sector
National Occupational Standards for Training & Competence Schemes for the Financial Sector
"I believe these NOS accurately describe what is required for competent performance in the roles covered. There are roles within Legal & General that could be benchmarked against these Standards."
Graham Morris, Head of Performance Management, Legal & General Assurance
With the Financial Services Authority's move away from prescribed rules to a more principles-based approach to Training & Competence (T&C), NOS have been developed in order to help reduce firms' exposure to risk in this area.
Key aspects in relation to T&C are that firms should show that an appropriate T&C scheme has been designed and maintained, that first line supervisors understand their responsibilities and deliver against their regulated role and that the scheme is properly audited. As such, NOS units have been written for each of these three functions.
The FSA's basic premise has been that both regulation and training are more effective when undertaken willingly, although this can cause variations in interpretation across the industry. The introduction of NOS for Training & Competence Schemes for the Financial Sector will help ensure consistency and universal measurement across the board and, in company with the Good Practice Guidance for Training & Competence - which has been separately developed - they should provide a valuable resource for the industry.
The National Occupational Standards
Our project to develop NOS for Training & Competence Schemes for the Financial Sector was launched in October 2007. At this time, Steering and Working Groups were assembled to identify the aspects to be covered and to advise on the content of the NOS.
A Functional Map (the final version of which can be downloaded below) was developed in the early project stages and during March and April 2008 we ran a series of UK-wide consultation events at which over 60 practitioners reviewed the draft NOS. The feedback provided at these events, and in a number of subsequent responses via an online questionnaire, helped inform further drafts of the NOS.
The National Occupational Standards for Training & Competence Schemes for the Financial Sector were approved for publication in September 2008 and they can be accessed below.
The units can also be downloaded individually from the NOS Directory here.
For further information about these NOS, please contact Chris Kennedy, Assistant Standards Manager at email@example.com, Tel: 0845 618 2379.
We welcome feedback on the National Occupational Standards which we have produced. If you would like to comment on the NOS for Training & Competence Schemes for the Financial Sector, please complete and return the feedback form (which can be downloaded below) to firstname.lastname@example.org.
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