SIFA 10.2 Commitments

The Commitments amplify Principle 3 in relation to Training and Competence. They apply to everyone within a firm associated with a regulated activity including senior management who may not fall within the scope of the TC 2 rules.

The firm's commitments to training and competence should be that:

• its employees are competent;
• its employees remain competent for the work they do;
• its employees are appropriately supervised;
• its employees' competence is regularly reviewed; and
• the level of competence is appropriate to the nature of the business.

'Employee' is a generic term that covers everyone who works in a firm.