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.