Assessing and implementing T&C

To help in the development of training and competence best practice, we have developed a set of Standards to guide you.

They include

  • Policy and governance
  • Achieving and maintaining competence

 

Policy and governance

Aim To define how the business sets out its training and competence regime and how it is demonstrated.

 

Outcome you should demonstrate Training Unit
Regulatory competence requirements Understanding the outcomes the FCA expects a business to achieve and how the competence of employees underpins this.
Role and responsibilities of Appointed Representatives Recognising their accountability for policy and operational decisions
Establishment of scheme and on-going effective performance Areas of Measurement and Key Performance Indicators (KPI’s)
Quality assurance Taking steps to confirm and show how the purpose and required outcomes of transactions are being achieved and these are still at an appropriate standard.
Record keeping Maintaining adequate records to show the funding is appropriate, delivering the required outcomes and given the right level of priority within the business.

 

Achieving and maintaining competence

Aim To consider new and experienced finance professionals within the business and identify what ‘competent’ looks like for each.

 

Outcome you should demonstrate Training Unit
Defining competence Knowing what competence means for any role, being able to describe it and apply the standards that will achieve the required outcomes.
Recruitment Being clear what standards apply at selection into a role and how the outputs from the interview process will be used in the induction and training of new employees.
Achieving competence Competence applies to the role and will be achieved in different ways according to the role and the business it supports. Consideration is given to how it will be clear overall competence has been achieved and what support is required to achieve this.
Maintaining competence The ongoing development of employees is an essential part of business performance. One feature of this development is the commitment to maintaining the competence of employees and the significant impact this will have on the expected customer and business outcomes.

 

 

Consequences of Breaching the Rules