Some respondents emphasised benefits such as the likelihood of an improved compliance culture in firms and the better opportunities for staff that training provided. In the consultation process suggestions were also made that we bring into the fold those involved in execution only business, compliance officers, marketing staff and a number of other groups. We will consider these suggestions but do not intend to widen the scope further at the start, save for any Training and Competence implications which emerge from our work on stakeholder pensions. Any further extensions need to be carefully justified though I do not rule out such extensions in due course, particularly if there is demand to do so from the industry and those who work in it. Examination review One aspect of our requirements which attracts a good deal of attention, and understandably so, is that of the obtaining of a qualification.
Qualifications provide independent and objective verification of a body of skills and understanding.
Employees are keen to demonstrate to employers their transferable knowledge and skills, confident that being qualified enhances career prospects. The position we inherit from previous regulators in relation to approved examinations is unwieldy, inconsistent and confusing for those seeking to demonstrate and recognise the achievement that examinations bring. We have said we do not wish to live with this situation for long and have proposed a comprehensive examination review process. The examination review process will be competency based, that is it will be founded on occupational standards. It will provide an opportunity to rationalise examinations activity by activity, ensuring that both the content of what is examined and the standard at which the exam is pitched is appropriate.