Should Lecturers have teaching qualifications?

The view that university lecturers in the UK should have teaching qualifications is not new, but with the increase in fees the NUS president is demanding that it be made mandatory for all lecturers to have teaching qualifications, as at the moment it is considered advisable but not mandatory...
Most universities now expect their  teaching staff to gain a teaching qualification like the PGcert in HE within a couple of years of them starting in a post.  Older lecturers have usually gotten away without having needed to purely because they have been in a institution so long it never came up. This would make it mandatory for everyone regardless of teaching experience. 
The HEA is on board with this, stating that "professionalisation of teaching should be a shared goal across higher education in the UK" 
 What do you think, should every lecturer be made to have a teaching qualification? Should PhDs still be required as well ?  PhD's are also preferred but not always mandatory, especially in professional/ vocational courses. Would you hire a good teacher to teach at a university who has a teaching qualification but no PhD?  Would it be easier to integrate the two if both are going to be required? Provide options for a PhD with teaching qualification as well as the PhD purely for research?
Comments welcome!