In an effort to streamline its training and competence requirements, the U.K.'s Financial Services Authority has eliminated examinations professionals in the wholesale banking industry. The change is effective with the enactment of the European Unions Markets in Financial Instruments Directive, set for November 2007. The FSA warns, however, that while there will be no exams for that group, firms are still required to maintain a high level of competence among its employees.

"Our decision to remove examination requirements in the wholesale markets reflects our aim to move to a more principles-based approach by allowing wholesale firms to make their own decisions about the competence of their staff, FSA counsel Andrew Whitaker told Financial News.