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Having an effective training and competence scheme for your firm is a requirement of the regulator, but having someone else build it for you can cost thousands. Step by step our affordable T&C toolkit helps you to build your own firm specific T&C scheme, thereby ensuring you maintain the competence of your employees and manage the risks to your firm.
In order that you can implement the Training and Competence requirements it is easiest to have clearly articulated how these will operate in your firm. This document can then be provided to the regulator if they ask you to explain how you have interpreted the requirements and made them firm specific. It is also a useful reference point for all those within the scope of the scheme to ensure understanding and consistency of application. This is simply a framework within which application of the requirements takes place.
You will need to ensure appropriate records are maintained and activities undertaken as required by the scheme. The FSP toolkit will provide some of the templates you can use and guidance on how these activities can be undertaken or you may simply want to use your existing documents and procedures. In addition to the T&C scheme you will separately have records for each adviser showing their start date with you, competence status, SPS (where relevant), current training needs, CPD, results of any internal assessments and tests, data protection and money laundering procedures, observed client meetings, and other relevant KPI data.