Training and competence

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This overview is a guide to the Lexis+® UK Financial Services content within the Training and Competence subtopic, with links to the appropriate materials.

The Financial Conduct Authority (FCA)'s training and competence (TC) regime consists of, and is derived from:

  1. •

    the 'competent employees rule’, which applies to all UK-authorised firms (contained in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) at SYSC 3.1.6R for insurers, Article 21(1)(d) of the UK MiFID II Organisational Regulation (Commission Delegated Regulation (EU) 2017/565) for common platform firms (see SYSC 5.1.–2 G), and SYSC 5.1.1 R for all other firms)

  2. •

    the TC sourcebook, which contains more detailed requirements for certain

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Latest Financial Services News

FCA: three ‘finfluencers’ make first court appearance

The Financial Conduct Authority (FCA) has announced that Charles Hunter, Kayan Kalipha and Luke Desmaris, each charged with one count of communicating an invitation to engage in investment activity, contrary to section 21(1) of the Financial Services and Markets Act 2000 (FSMA 2000), have made their first court appearance. The individuals—often referred to as ‘finfluencers’—are alleged to have encouraged social media followers to invest in foreign exchange (forex) trading through high-risk products known as contracts for difference (CFDs), without having the authorisation to promote these investments. They appeared before Westminster Magistrates’ Court, pleaded not guilty and are scheduled to appear at Southwark Crown Court on 8 October 2025.

Financial Services—other developments (10/9/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

CP25/24: FCA consultations include PISCES penalties, UKLR buy-back notifications and contactless payment limits

The Financial Conduct Authority (FCA) has published quarterly consultation paper No. 49 (CP25/24), proposing Handbook changes across nine areas. These include extending its penalties policy to the Private Intermittent Securities and Capital Exchange System (PISCES), aligning UK Listing Rules (UKLR) share buy-back notification deadlines with Market Abuse Regulation (MAR) requirements and removing the £100 contactless payment limit. Responses are sought by 15 October 2025.

Financial Services—other developments (9/9/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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