Individual and corporate compliance competence: An ethical approach

Abstract

This paper considers the meaning of the term ‘compliant competent life assurance companies’, within the current regulatory regime. It defines the terms of competence and compliance in the context of the change of emphasis from individual to corporate compliance competence. It recognises the importance of the introduction of competence within the financial sector and especially the role of the training and competence scheme for individuals, introduced after the Financial Services Act 1986. It considers the Financial Services Authority’s (FSA’s) more expansive interpretation of compliance competence in the context of life assurance companies, following the creation of the single regulator that aims to achieve the stated objectives of the Financial Services and Markets Act (FSMA) 2000. It reviews and critically analyses key issues associated with the FSA’s move towards an ethical framework for financial services.

Citation

Edwards, J. (2003), "Individual and corporate compliance competence: An ethical approach", Journal of Financial Regulation and Compliance, Vol. 11 No. 3, pp. 225-235. https://doi.org/10.1108/13581980310810534