9.5. Recruitment and training of VASP supervisors
9.5.1. United Kingdom (Financial Conduct Authority)
294. It is unlikely that many supervisors new to VASP supervision will have existing staff with both expertise in the technical nature of VAs and VASPs and supervisory knowledge and experience. Furthermore, individuals with this combination of skills and knowledge are also currently difficult to recruit.
295. To address this issue, the FCA established a specific multi-disciplinary team largely comprising of experienced supervisors with financial crime and AML skillset, supplemented by external and internal recruits with expertise in VASPs. In addition, the FCA procured training from an external provider on blockchain and virtual assets to ensure all members of the team had at least a certain level of sector and supervision understanding as a starting point.
296. This ensured that from the start of the regime, the team had the ability to understand complex business models, analyse VASP activity, identify risks and also employ the most appropriate supervision tools and interventions. FCA continues to enhance the technical knowledge and supervisory expertise of VASPs.