Training and competence

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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FCA speech highlights faster, targeted enforcement and focus on ‘doing the right thing’

The Financial Conduct Authority (FCA) has published a speech by Therese Chambers, Joint Executive Director of Enforcement and Market Oversight, delivered at the City & Financial Global FCA Investigations and Enforcement Summit. In her remarks, Chambers addresses the FCA’s shift in approach to enforcement cases including its greater use of supervisory powers prior to opening investigations, its increasing use of criminal powers and its prioritisation of cooperation, remediation and consumer redress. Throughout the speech, Chambers reiterates that ‘doing the right thing’ remains the FCA’s central expectation of both firms and individuals.Chambers highlights the FCA’s shift toward fewer but faster investigations. As of 1 October 2025, the number of open enforcement cases has fallen to 124, down from 220 in 2023. In 2024, the FCA delivered 41 enforcement outcomes, with over 30 expected in 2025. She noted that recent investigations have been concluded significantly faster compared to a previous average duration of 42 months, with seven cases reaching public outcomes within 16 months. Chambers said this streamlined approach allows the regulator to focus on the most serious misconduct while improving the pace and deterrent impact of enforcement. At the same time she encourages firms to ‘do the right thing well before an investigation is opened’, emphasising that by taking responsibility and resolving issues early firms can avoid supervisory interventions like skilled persons reports, formal requirements and ultimately enforcement referrals.

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