According to the source the regulator believes that many firms are so concerned with the customer-facing side of their business they may not be ensuring that on-going training is taking place.
“The FSA believe that having a good T&C regime in place is a good indication of a firm’s general approach to regulation,” said the source.
FSA spokesman Robin Gordon-Walker agreed that a good T&C programme would reflect well on the attitude of a firm to its compliance, however denied there was to be a specific focus on the area.
“We will be doing visits and T&C will be one area we will look at, though the requirements are not that onerous,” he said.
Bill Warren, director of the Complete Network, expressed surprise at Gordon-Walker’s description.
He said: “T&C rules are very strict, there is a seven-page factsheet on that area alone on the AMI website.”
