The Financial Conduct Authority's decision to extend the period for completing compulsory FCA qualifications during COVID-19 home-working prompted Rahman Ravelli’s Syed Rahman to voice his concerns.
He told Thomson Reuters’ Regulatory Intelligence that this creates a contradictory situation: the FCA is saying no action will be taken against firms where an employee has not gained the qualifications due to exams being cancelled, yet it has also said it expects firms to ensure that all employees have the required expertise.
Syed outlined how firms should safeguard themselves against possible action from the FCA by keeping detailed records of when they provide advice without having the necessary qualifications. He also stressed the need to keep all correspondence regarding the booking and subsequent cancellation of the FCA exams.
Syed's comments can be read here (subscription required).