The Senior Managers Regime is now up and running for Banks, and it is on the way for the rest of the Financial Services industry.
So with this increased scrutiny surrounding the competency of staff, how do you prove to the regulator and your accredited body that your people are competent to do the job that you have employed them to do?
What evidence has your firm got to prove that your people have been effectively assessed as competent and are actively maintaining their competence?
If people leave your organisation, what evidence do you have to prove that you maintained their CPD whist they worked for you?
It is crucial not to under estimate the importance of ensuring that you have robust policies and procedures in place. This is already an area of focus by the Regulator for those firms falling under the Senior Managers Regime. Whilst, ultimately it is the responsibility of your people to maintain their CPD, it remains the responsibility of the firm to ensure that the people they employ are fit, proper and have the appropriate knowledge and experience to perform their roles. More importantly, the firm has to evidence the competence of staff as well as their maintenance of these standards.
FSTP can help you ensure that all staff required to meet the regulatory obligation of 21 hours of structured annual CPD achieve this, and have a record to evidence their competence to the regulator should this be requested. We can do this through a combination of reading our monthly journal, advice matters (Accredited by the IFS), 2 hour off the shelf technical training sessions, assessment centres as well as computer based training, offered through our strategic partners. All of these are easily recorded and documented to allow firms to meet their regulatory obligations.
Please contact us to discuss how we can assist you in creating a CPD package for your staff that will stand up to the regulators scrutiny.
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