Peoplesoft is introducing human resources software to enable UK financial services firms to comply with new regulations introduced by the Financial Services Authority (FSA).
The company has developed a Professional Compliance (PC) module for its Human Resource Management Systems 8.3 package to help firms comply with the Financial Services and Markets Act 2000.
The Act applies to more than 10,000 firms and has been introduced to improve standards of financial advice. The FSA's training and competence rules, which apply to all members of a company from the chief executive to the most junior staff, specify the employees must be competent, supervised and regularly reviewed.
Peoplesoft's PC module ensures that HR departments can manage the certification requirements of employees and track their compliance with external regulatory authorities.
Liz Wilson, HR director for product strategy in the UK, says: "The ability to manage the certification requirements of employees is central to ensuring that the workforce meets the standards of competence needed to fulfil its professional obligations."