Training & Competence

In any firm Training and Competence should be at the heart of an effective compliance culture. It enables firms to put their 'Treating Customers Fairly' objectives and the FSA's 'Commitments to Competence' into practice.

Many find it time consuming and difficult to keep up to date with the following areas:

• Organise and control affairs responsibly and effectively;
• Establish and maintain systems and controls as are appropriate to its business;
• Assessment of the competence of management and staff as a whole.

The FSA has adopted a risk based approach towards the regulation of firms, whereby it seeks to concentrate its resources in those areas where they are most needed. The FSA encourages the firms that it regulates to adopt a similar approach, identifying areas of risk and taking appropriate action to reduce those risks. We offer a range of services which start from £500 (sole traders) per day.

Risk is a key word with the regulators and the firm’s T&C plan should be able to identify how the firm has risk rated its advisers and how management will continue to monitor their risk. Possibly the most important element in reducing risk is to ensure that every member of a regulated firm achieves, maintains and improves competence in his or her role. There is a common misconception that only authorised personnel in a regulated firm are of interest to the FSA. If anything it has now become more challenging for firms not only to write a plan but to understand exactly what needs to be covered. The regulator is quite rightly very concerned that every member of a firm achieves and maintains levels of competence appropriate to their role.

Please contact us for further information.

Thanks for the report Steve and your comments.
 Also as mentioned yesterday, thanks for your help over the last 3 years.

Paul Stanfield
Director
Whitlow Financial Planning Ltd