“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

Training & Competence arrangements should be firmly established and realise business benefits, as well as meet the regulatory requirements.

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.  One of the key themes over recent years from the FSA has been that of risk management. Among the many sources of risk there are those posed by the people a firm employs.

Typically, these risks fall into one of two main camps:

•     Wilful adverse behaviour

•     Well intentioned but non competent behaviour

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

How we can help

Our specialist team 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 question in the checklist issued by the FSA