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One of the most significant challenges advisers face when meeting regulatory requirements is ever-evolving regulatory landscape
to remain competent in their roles. By monitoring CPD activities, firms can verify compliance with regulatory requirements and support advisers in staying abreast of industry developments. CPD monitoring also facilitates the identification of emerging skill gaps and training needs. This data driven approach enables firms to make informed decisions and allocate resources effectively to support adviser development, as well as being a key data point for evidencing Consumer Duty compliance. We would recommend a CPD focus on specialist areas of business writing such as equity release or debt consolidation.
4. Adviser testing
Periodic testing assesses advisers’ knowledge, competence, and understanding of regulatory requirements. Testing ensures that advisers possess the necessary skills and expertise to provide quality advice to clients. Results from adviser testing inform training priorities and help firms maintain a high standard of professionalism and competence across their advisory teams.
5. Regular one-to-ones
Regular one-to-one meetings between advisers and their managers / supervisors provide an opportunity to discuss performance, praise success, address concerns and set development goals. These meetings foster open communication, enable feedback exchange, and facilitate personalised support for adviser growth. By conducting one-to-one meetings, either monthly, quarterly or six monthly depending upon competence and experience, firms can track progress, identify areas for improvement, and reinforce the importance of training and competence.
6. Skills assessment
Undertaking a regular skills assessment on the whole mortgage advice process evaluates adviser performance in real-world scenarios. This hands-on approach allows firms to assess practical skills, decision-making abilities, and adherence to compliance procedures. Skills assessments provide valuable insights into advisers’ strengths and weaknesses, informing targeted training interventions and enhancing overall competence.
7. Training needs analysis
A systematic assessment of training needs identifies gaps in knowledge, skills, and competencies. By conducting a training needs analysis, firms can tailor training programs to address specific areas of improvement and support adviser development effectively. This proactive approach ensures that training efforts are aligned with business objectives and development, such as initial development to support the movement into new markets and ongoing, ever changing regulatory requirements.
8. Development plan
Based on the findings of training needs analysis and performance evaluations, a development plan outlines specific objectives, activities, and timelines for adviser growth and improvement. Development plans provide a roadmap for continuous professional development, setting clear goals and milestones for advisers to achieve. By implementing personalised development plans, firms demonstrate their commitment to supporting adviser progression and enhancing overall competence.
9. Credit check
Conducting a credit check helps firms assess advisers’ financial stability and integrity and supports the annual Fit & Proper requirements. This screening process ensures advisers maintain good financial standing, minimising the risk of potential conflicts of interest or unethical behaviour. Credit checks contribute to the overall integrity and professionalism of the advisory team, enhancing client trust and regulatory compliance.
10. Annual fit certification
Annual fit certification verifies a mortgage adviser’ s ongoing fitness and propriety to perform their roles effectively and ethically. This certification process assesses factors such as competence, integrity, and financial soundness, ensuring that advisers continue to meet regulatory requirements and uphold professional standards. Annual fit certification reinforces the importance of ongoing training and competence within FCA regulated firms, promoting accountability and regulatory compliance.
Whilst all the above can impact the time available day-to-day management and advisory activities, by utilising technological solutions such as compliance management software or by engaging third party support, firms can reduce this burden and build a robust framework to follow.
Implementing a strong T & C programme is the regulatory embodiment of the phrase‘ short term pain equals long term gain’, with a bit of work building and finessing your programme at the outset meaning a lot of time and headaches saved along the way.
Compliance First and Simplybiz Mortgages can support you in all of the above areas, whether you require support in creating a structure with which to get started, or indeed have any gaps in your existing structure. Our consultancy services, file review and business support teams are on hand to help.
If you require further information or support, please reach out to our Business Support Team: businesssupport @ compliancefirst. co. uk 0141 433 8212