Providing training and ensuring competence of all employees engaged in carrying out any activity prescribed by the Financial Services Authority are key elements in meeting the principle of ensuring that the firm conducts its business with due skill, care and diligence. It is vital to provide an appropriate level of training to ensure competence, without adding to costs through ineffectiveness. An external view of the effectiveness of measures in place is usually the most valuable one for firms to have.

OAC Actuaries and Consultants has the experience to provide you with an objective assessment as to whether:

the principle of treating customers fairly is adequately incorporated in all training and assessments of competence;
the firm has effective controls in place to ensure it does not assess employees as competent to carry on a prescribed activity until they have passed any required examinations;
supervision of employees carrying out prescribed activities is effective, and levels of supervision appropriate to the proven level of competence of each individual;
supervisors have the necessary coaching and assessment skills and the required level of technical knowledge to be able to assess employees’ skills accurately and effectively; and have themselves passed the relevant examinations where required;
when supervising staff giving advice on packaged products who have not been assessed as competent, supervisors have the required examinations;
the firm regularly assesses the training needs of all members of staff, and provides training in a timely manner where needed; and
there are effective reviews of competence on a regular basis so as to maintain knowledge, skills and expertise and keep up to date with market, product and legal changes.