Training and Competency

‘An individual’s ability to perform in the workplace to the required standard. Performance of that standard should be maintained over a period of time and in an agreed range of situations’

Technical product knowledge

Company-specific processes and procedures

Relevant legislation and regulatory rules and guidance

Management and supervision (which includes the skills of performance management, appraisal and coaching).

Firms must satisfy the FCA’s 11 Principles for Businesses

A firm must employ personnel with the skills, knowledge and expertise necessary for the discharge of responsibilities allocated to them.’

Senior Managers and Certification Regime (SMCR)

replaced the Approved Persons regime.

senior management arrangements, systems and controls (SYSC) - ‘competent employees rule

Insurance Distribution Directive (IDD) - 1 October 2018

click to edit

SYSC 28 ‘Insurance distribution: specific knowledge requirements’

Terms and conditions of policies offered

Applicable laws governing distribution of insurance products
(e.g. consumer protection law, relevant tax law and relevant social and labour law)

Claims handling

Complaints handling

Assessing customer needs

The insurance market

Business ethics standards

Financial competence.

TC Training and competence

Assessing competence

Supervision

Reviewing training needs

Maintaining competence

Record-keeping.

MIPRU-mortgage, home finance firms and insurance intermediaries

TCF - treating customers fairly

Effective T&C

Assessing competence – clear and consistent criteria used to assess individuals

Maintaining competence – assessing the competence of employees on a regular basis

Record-keeping – the need to keep appropriate records

Levels of competence - Generic & Specific

T & C Part 2

assessing competence

Productivity

Profitability

Motivation

Successfully adapting to change.

Management Information

Number of sales

Retention rates

Customer survey results

Credit control

Error/re-work rates.

Training Cycle - Stage one Identify Needs Stage 2 design training Stage 3 Deliver the training Stage 4 Evaluate effectiveness of training

TC & SYSC records kept 3 yrs

Training plans

Certificates

Assessment results

Training received.