This is an area which many firms find the most time consuming and difficult to keep up to date. A T&C scheme can be adapted to your own firm's requirements which actually works, rather than an 'off the shelf package' that normally ends up 'back on the shelf'!
The guidance for Training & Competence is now fairly minimal apart from phrases such as GE
- organise and control affairs responsibly and effectively.
- establish and maintain systems and controls as are appropriate to its business
- assessment of the competence of management and staff as a whole.
If anything it has now become more challenging for firms not only to write a scheme but to understand exactly what needs to be covered.
Risk is also a key word with the regulators and your scheme should also be able to identify how you have risk rated your advisers and how you will continue to monitor their risk.
Does your current scheme satisfy the above points?
If you are unsure, why not allow PCS to complete an audit on your scheme. A full report will be completed on your T&C scheme and a full report supplied together with useful advice and tips on how to make your own scheme more user friendly. This will also help to show the regulators that you take the rules and regulations seriously by having your procedures audited by a third party.
PCS can also provide you with an ongoing support system for Training & Competence by removing the burden of both checking and compiling your KPI's.
Day placements
Have you ever heard yourself, or the person responsible for your compliance say
'I should really have a compliance day today but I need to complete this client work first!'
The classic phrase of anyone who is trying to juggle earning a living with keeping the firm compliant.
Wouldn't it be lovely if you had someone who could visit you one day a month and clear all of your regulatory headaches off your desk?
This is where PCS can help.
Depending on you firm's size and requirements, our team can be present in your offices, on a regular basis to deal with:
- Ongoing regulatory issues
- Check CPD records
- Complete your KPI's
- Complete supervisory work
- File check
- RMAR preparation and submission
- Complaints returns
- Complaints handling
- Money laundering training
- Date protection training
And anything else which comes up and causes you a problem!
Whilst this may just seem like another cost burden, if you consider the time you currently spend on Compliance, and think about how many clients you could have seen in that time you will soon see the value of bringing experts in!
File checking
Most firms to tend to leave this job as long as possible as it is not one of the most enjoyable tasks to complete!!
It is also one of the key areas of the Key Performance Indicators and can provide some of the most valuable information on a registered individual.
PCS can take all of the hassle away for you by completing all of the necessary file reviews for your firm, and providing the Supervisor's with all of the feedback needed to complete both the KPI's and the one to one's.
Files can be picked up on a monthly basis ( or however often the firm wishes, or alternatively we can complete the reviews in your office together with written feedback.
Again this is a very useful practice for a firm as it demonstrates that they are taking their management responsibilities seriously by obtaining feedback on their procedures from a third party specialist.
