“Training and Competence is a fundamental part of our regulatory regime and system.  Clearly, having competent people out there providing financial services to consumers is a major part of building confidence in the financial system and, ultimately, protecting consumers from inappropriate behaviour.”
John Tiner, Chief Executive FSA

Where the FSA finds that a firm is providing inadequate training, even where there is no evidence that these inadequacies have led to a problem, then discipline is likely to result. What you need to ensure, however, is that Training & Competence arrangements are firmly established and realise business benefits, as well as meeting regulatory requirements.

A key theme raised by the FSA in recent years is risk management. Among the many sources of risk there are those posed by the people a firm employs. Typically, these fall into two categories: wilfully adverse behaviour; and well-intentioned but non-competent behaviour.

An effective T&C Scheme will eliminate the second of these, and its inherent supervisory practices will go a long way to detecting the first at an early stage.

How we can help

Momenta specialists will review your T&C scheme and conduct of business documentation, interview key staff including sales management and review supporting documentation.

At the end of the review we will present a report that will enable your senior management to:

• Ensure that your arrangements satisfy the FSA Rules and Guidance
• Identify any actions to be taken
• Benchmark your arrangements against others in the industry
• Answer the 50 questions in the checklist issued by the FSA