Actually Neil the next sentence after the one I quoted states that all foreign qualifications need to be accredited by UK NARIC which is quite a step forward because I've heard stories of people who haven't bothered and you can't tell if they've got a qualification or a foreign Chinese take away menu. Then again how's a UK employer going to know if it was issued by hollywood upstairs engineering college or something comparable with MIT?
The guidenotes are here so you can check it out yourself.