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 faces balancing act in response to super complaint

Law360, London: The Financial Conduct Authority (FCA) could be forced to walk a thin line between protecting consumers on the one hand and upholding the government's economic growth agenda on the other—as it draws up a response to a landmark 'super complaint' into the insurance sector.

'Name and shame' test case ruling could embolden FCA

Law360, London: Financial services companies should be ready to engage with consumers when faced with enforcement action, in a lesson from a test case of the reasoning behind a Financial Conduct Authority (FCA) decision to 'name and shame' a company that could encourage bolder naming actions, lawyers said.

FCA chief executive outlines mortgage market reform plans in conference speech

The Financial Conduct Authority (FCA) chief executive, Nikhil Rathi, has outlined plans to reshape the UK mortgage market to make sustainable homeownership more accessible and adaptable to changing economic and social conditions. Speaking at the L&G Mortgage Club’s 30th Anniversary Conference on 11 November 2025, he said the FCA’s ongoing Mortgage Rule Review seeks to create a system that better serves diverse borrower needs, including those with irregular incomes or limited deposits, while ensuring affordability and resilience. Measures introduced this year have already widened access for first-time buyers, with 85% of lenders updating affordability approaches. The FCA is also supporting innovation through its AI sandbox and a new three-month Mortgage TechSprint. Rathi emphasised the need for system-wide collaboration between regulators, lenders and government to modernise processes, including digitalising homebuying and reviewing outdated schemes such as the Mortgage Charter.

FCA crypto proposals herald tougher oversight for firms

Law360, Expert analysis: The Financial Conduct Authority (FCA)’s consultation on applying its handbook to regulated cryptoasset activities was published on 17 September 2025. According to the analysis, with contributions from Michelle Kirschner, partner at Gibson Dunn & Crutcher LLP, the proposals indicate the FCA is moving toward implementing more stringent oversight measures for companies operating in the cryptocurrency sector. The consultation represents a significant development in the FCA's approach to crypto regulation, as it seeks to bring digital asset activities under its established regulatory framework

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