The Financial Services Authority, the UK regulator, is to remove exams for bankers and other staff in the wholesale banking industry from next year as part of its push to simplify training and competence requirements.

The FSA said yesterday the move, which is in line with the regulator's shift away from a rule-based regulatory system to a more principle-based model, will take effect when the Markets in Financial Instruments Directive comes into force in November 2007.