The FSC is working on the development of competency standards for the financial services sector. The competency standard is the level of professionalism that the licensee has to meet and maintain in order to qualify and remain qualified for the license. It provides the minimum level of professional knowledge, understanding and skills required for a professional to be able to practise safely and effectively.
A phased approach has been adopted whereby the first phase consists of the development of the competency standards for the insurance sector. Consequently, the exercise will be extended to capital markets, fund management, global business and pensions.