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Training & Competence Framework – April 2006 10 April 2006

Following consultation, the Financial Supervision Commission has published its Training and Competence Framework. This sets out the Commission’s expectations in respect of competence, one of the key elements of the “fit and proper” person test. The Framework, which builds upon a Statement of Good Practice issued in March 2001 and should therefore not result in any significant additional burden for licenceholders, is designed to complement the Commission’s consolidated Licensing Policy which will shortly be updated to take account of the Framework and to clarify the role of Controllers.

In launching the Framework, John Aspden, Chief Executive of the Financial Supervision Commission, said:-

‘We hope that the Framework will support existing industry initiatives to reinforce the high standards that currently exist in the financial services industry on the Island. In addition, the Framework provides clear guidance to licenceholders and individuals about the Commission’s expectations, which we believe will assist with career and business planning. However, the Framework is flexible in its application as the Commission recognises that each licenceholder will have different business requirements due their varied structures and sizes’

For additional information please contact the Commission’s Policy and Legal Unit or e-mail:

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