New mindsets and new skills: The strategic importance of continuous competence in emerging financial services business models

Professional development will become a crucial investment rather than an irritating cost in the 21st century. Financial services professionals often see continued professional development (CPD) as a chore which requires the routine collection of points or hours through attendance at conferences and courses to maintain their professional status. The new FSA Training &Competence regulation has extended the requirements for CPD to a very wide group of financial experts in all specialisms. The authors draw on their research to argue here that the pace of change in the sector makes CPD a strategic necessity for survival. They outline the changes apparent in the core skills required of senior professionals and managers, espacially in the areas of risk management and control. Finally, they suggest that the new regime is also bringing about major change in the working practices of compliance professionals and propose a model of skills and knowledge which mean that CPD is as important for them as for their colleagues.