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City firms fail to give employees training on FSA regulations.

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Vincent
PositionNews Round-Up - Brief Article

Thousands of firms in the Square Mile are unwittingly risking fines and even imprisonment for breaching Financial Services Authority (FSA) rules, according to a new survey.

Almost 40 per cent of the 200 City employees interviewed by e-training company Wide Learning said they had been given little or no guidance on compliance, even though the FSA regulations have been in place for three years.

Other key findings were that:

* 11 per cent did not know they were under the jurisdiction of the FSA;

* 28 per cent were unsure about their regulatory duties;

* 21 per cent had never received any compliance training;

The survey also revealed that a significant number of firms had not made provisions for ongoing training. Of those respondents who had been trained in compliance, 18 per cent had received no training in the previous two years and 37 per cent had never been on any refresher...

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