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What is it?
Written guidance in creating a suitable Training and Competence policy.
Template appraisal forms, training recording forms and observation forms.
Branch based visit focusing on Training and Competence within the branch and levels of supervision taking place, including one complete appraisal.
Comprehensive feedback report provided with suggested areas to be reviewed or actions to be taken
Why?
Firms can help ensure they treat their customers fairly by recruiting staff with the appropriate values and skills, training them effectively, and assessing and monitoring their competence. Principle 6
During the FSA Quality Review Project (2007 to 2008) 250 firms were reviewed (220 of these were smaller firms). 7 small mortgage firms were referred to the Enforcement team, 23 small firms were instructed to review one or more of their customer files. All were required to report back to the FSA.
Training and competence covers the assessment and monitoring of the quality of advisers – July 2008 the FSA fined a firm £11,900 for failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders
July 2008 - The FSA banned two mortgage brokers for failing to meet the standards expected of approved persons in terms of competence and capability. They failed to ensure adequate measures were in place to prevent their partnership from being used to submit potentially false mortgage applications and exposed about 250 customers to the risk of receiving unsuitable advice.
When?
•Firms new to authorisation
•Firms who are growing and require a structure developed
•Firms who want to have an improved Management Information (MI) reporting structure
•Firms who have concerns over their complaint handling process
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