As an authorised firm or individual all staff should have a training and competency (T&C) file and T&C scheme in place. You should be able to demonstrate what initial and ongoing checks have been carried out on any adviser together with the advisers progress to competency sign off and eventual competent adviser status.

All new staff should undergo competency assessment, and should be 100% supervised until signed off as competent. This usually involves checking all pre-application files and offered files, competency tests, training,CPD, and observations. We can check pre-application files and offer a quick response to confirm the documentation has been completed and advice is suitable before an application is submitted, and at very little cost. We can then assess and grade the offered files so the advisor can be signed off as competent.

You are required to have a T&C scheme to obtain authorisation and the FCA do request sight of advisers T&C files during visits. Even as a sole trader you should still be able to demonstrate your ongoing competency.

H3 Consultancy can provide a template T&C file including template documents to include within this, such as T&C training scheme, Fitness and Propriety questions, Continued Professional Development logs, Training and competency sign off logs, annual competency tests, and observed interview log sheets. You may already have this in place and just require one or some of our templates. We have a file of CeMAP style competency tests available to allow you to demonstrate competency.

You must ensure that employees have demonstrated the necessary competence in terms of skill and knowledge before they work with a reduced level of supervision.

 

Click here for a free T&C good practice in-depth guide.

 

Good recruitment practice

    • Having a recruitment process in place to ensure the individual is suitable for the role.
    • Clearly establishing roles and responsibilities and documenting them.
    • Putting in place an appropriate initial training plan.

 

Qualifications and Training

    • Having a training plan, with time scheduled in advance for training events.
    • Encouraging advisers to obtain higher qualifications and improve their knowledge and skills.
    • Using a variety of training and assessment methods for developing competence, such as: relevant mock exam; product and market training; and practical training mock sales interviews.
    • Discussing complex cases in recorded training events.
    • Ensuring appropriate examinations get taken and passed within a reasonable timescale.
    • Regularly evaluating the effectiveness of training.

 

Supervision

    • Having procedures to ensure supervisors are properly trained and competent.
    • Clear criteria and procedures for assessing competence of advisers.
    • Measurable benchmarks for the development of non-competent staff to competence and clear timescales for this to happen.
    • Testing knowledge and following-up weaknesses.
    • Assessing questioning, advising and presentation skills.
    • Making records of observations or development points and following these up where appropriate.
    • Reassessing competence regularly and using the results to influence the level of supervision.

 

Please contact us for a no obligation quotation and more information.

 

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