FCA Training and Competence

The Financial Conduct Authority (FCA) has adopted a risk based approach towards the regulation of firms, whereby it seeks to concentrate its’ resources in those areas where they are most needed.

It encourages the firms that it regulates to adopt a similar approach, identifying areas of risk and taking appropriate action to reduce those risks. A key element, possibly the most important element in reducing risk, is to ensure that every member of a regulated firm achieves, maintains and improves competence in his or her role. There is a common misconception that only authorised personnel in a regulated firm are of interest to the FCA. This is quite untrue. The Regulator is, quite rightly, extremely concerned that every member of a firm achieves and maintains levels of competence appropriate to their role. Our Financial Services Compliance Consultants are well  qualified to design and deliver effective solutions for you.

Haven Risk Management has developed a system using sophisticated templates which risk assesses individuals. The level of training, supervision and monitoring is then developed from this Risk Assessment, thus resource is concentrated where it is most needed. Our Regulatory Compliance Consultants are always there to help.

A further advantage of this system is that it creates a meritocracy, whereby if somebody who is for example graded a “low” risk becomes complacent and his standards slip, he can be moved up to “medium” or “high” risk until such time as his activities have regained their previous standard. Similarly, those allocated as “medium” or “high” risk should always be striving to attain a lower rating in order that they are subject to less supervision. Risk rating in this manner saves a firm time and money while ensuring that it is compliant at all times. This is a centre plank of the Haven FCA Compliance Service proposition.

Please contact us for further information.