Training and competence

Copyright © 2025 LexisNexis

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

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Existing user? Sign-in TAKE A FREE TRIAL
Powered by Lexis+®
Latest Financial Services News

Treasury Committee seeks comments on AI from tech firms

As part of the Treasury Committee’s inquiry on the use of Artificial intelligence (AI) in the UK financial services sector, Dame Meg Hillier MP, Chair of the Treasury Committee, has written to Amazon Web Services, Anthropic, Google Cloud, Meta, Microsoft UK and OpenAI, asking for them to comment on various aspects of AI in relation to both their firms and AI in general.

How AI may have made a difference in Monzo bank breaches

Law360, Expert analysis: Monzo Bank's onboarding, risk assessment and transaction monitoring were unable to keep up with its rapid growth from 600,000 users in 2018 to over 5.8 million by 2022. The result was systemic failings in anti-financial crime systems, which resulted in the UK's Financial Conduct Authority (FCA) handing out a £21.1m fine, the largest ever issued to a challenger bank for anti-money laundering (AML) failures, on 8 July 2025. The Monzo fine has intensified the spotlight on how firms manage financial crime risks. Alexander Vilardo, associate, at Howard Kennedy LLP explores how artificial intelligence (AI) can assist with compliance, where current systems fall short, where AI's pitfalls may lie, and what lawyers and businesses can do to adapt and use AI to their advantage.

Commission Delegated Decision to grant renewal of provisional equivalence under Article 227 of Solvency II to Brazil, Mexico and Japan for further ten year period

The Euopean Commission (the Commission) has published the wording of the proposed Commission Delegated Decision on the renewal of the determination that the solvency regime in force in Brazil, Japan and Mexico applicable to undertakings with their head office in those third countries is provisionally equivalent to that laid down in Title I, Chapter VI of the Solvency II Directive  (Directive 2009/138/EC).

FCA closes investigation into Wellesley & Co Limited with no further action

The Financial Conduct Authority (FCA) has decided to take no further action against Wellesley & Co Limited (WCL) following an investigation that found no evidence of serious misconduct. The investigation, announced in 2022, focused on whether investors had been misled or defrauded by WCL in relation to high-risk property development investments promoted and arranged by the firm. These products were not covered by the Financial Services Compensation Scheme (FSCS). The FCA reviewed marketing materials, risk warnings, banking transactions and investor evidence, and found that the risks were fairly described and there were no signs of fraud or misuse of funds. WCL was the only authorised entity in the Wellesley Group and entered administration on 30 April 2025. The investigation followed Wellesley Finance Ltd’s (WFL) Company Voluntary Arrangement (CVA) in October 2020, under which around £80m of the £134.7m owed to 12,000 investors was returned. The CVA was completed in 2022 and the FCA confirmed that all obligations under the arrangement were met.

View Financial Services by content type :  
News
Practice notes
Precedents
Q&As

Popular documents

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an

Template for regulatory references given by SMCR firms and disclosure requirements

Template for regulatory references given by SMCR firms and disclosure requirements[Insert addressee details]Dear [insert name][It is our understanding that [insert name of prospective employee] [was an employee of yours between the dates of [insert dates as appropriate] OR is a current employee of
What is the difference between an appeal and a review?

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

Contributory negligence in personal injury claims

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an

Template for regulatory references given by SMCR firms and disclosure requirements

Template for regulatory references given by SMCR firms and disclosure requirements

Template for regulatory references given by SMCR firms and disclosure requirements[Insert addressee details]Dear [insert name][It is our understanding that [insert name of prospective employee] [was an employee of yours between the dates of [insert dates as appropriate] OR is a current employee of