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Competence of Companies and Individuals (FCA and PRA)
Financial Regulation Courses (FRC)
Overview
This course provides a comprehensive overview of the competence requirements set by the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for companies and individuals working in the financial sector.
It covers key regulatory standards, focusing on the skills, knowledge, and experience that financial professionals must possess to perform their roles effectively.
The course examines the training and competency (T&C) frameworks, approved person requirements, the Senior Managers and Certification Regime (SM&CR), and the continuing professional development (CPD) obligations.
Participants will gain in-depth knowledge of how competence is assessed and maintained, ensuring that financial firms adhere to FCA and PRA expectations for high standards of conduct and performance.
Syllabus
1. Regulatory Overview
Introduction to the FCA and PRA and their roles in regulating competence and conduct in the financial sector.
2. Training and Competency (T&C) Framework
Key elements of the T&C framework, including assessment of skills, experience, and knowledge required for financial roles.
3. Senior Managers and Certification Regime (SM&CR)
Overview of the SM&CR, its purpose, and its impact on accountability within financial institutions.
4. Approved Persons Requirements
Examination of the criteria for approved persons and the regulatory obligations they must meet.
5. Continuing Professional Development (CPD)
Understanding CPD requirements and their role in maintaining competence within financial firms.
6. Assessment and Record-Keeping
Best practices for assessing competence, documenting training, and maintaining accurate records.
7. Conduct Standards and Ethics
Exploring the ethical standards expected by the FCA and PRA, including codes of conduct and professionalism.
8. Compliance and Enforcement
Insights into how compliance with competence standards is monitored and enforced by the FCA and PRA.
Learning Objectives
- Explain the roles of the FCA and PRA in regulating competence within the financial sector.
- Understand the key components of the training and competency (T&C) framework and their application.
- Describe the Senior Managers and Certification Regime (SM&CR) and its impact on accountability.
- Identify the requirements for approved persons and their regulatory obligations.
- Implement CPD practices to maintain competence and compliance.
- Apply best practices for assessment and record-keeping of competence.
- Recognize the conduct standards and ethical expectations set by the FCA and PRA.
- Understand how the FCA and PRA enforce competence standards and monitor compliance.
