Learning objectives
- Recognise that all employees must be competent to carry out the responsibilities allocated to them
- Understand that employees dealing with, or on behalf of, customers must be assessed as competent
- Understand that employees must be supervised to ensure they maintain competence and apply appropriate knowledge, skill and expertise to their duties
- Be aware that a gap in financial sector employment could lead to an employee needing to be reassessed as competent
Welcome
What is Training & Competence?
Purpose of T&C regime
Suitability
Competence
Guidance for our firm
- Exercise: Purpose of T&C regime
T&C process
Training
Working prior to attaining competence
Role-specific requirements
Restrictions on the performance of certain activities
Assessing competence
- Exercise: Attaining competence
Appropriate qualifications
- Exemptions from appropriate qualifications
- Further exemptions
Restarting a regulated activity
Restarting a regulated activity
Maintaining competence
- Frequency of assessment
- Requirements for retail investment advisors
- Exercise: Professional standards - CPD
- Professional standards - SPS
Supervising employees
Assessment & coaching skills
Monitoring employees assessed as competent
Data capture & reporting on complaints in respect of retail investment advisers
Record keeping
- Exercise: Competence and record keeping
Summary
Affirmation
Assessment
Economic Sanctions
Violation of sanctions issued by the UN, the US and the EU which place restrictions on payments and other financial transactions can result in fines as well as criminal charges.