The competency levels of Boards of Directors and Committees of Management is an area of great concern to the FCA.
This applies particularly to Friendly Societies as they tend to be under less regulatory scrutiny than other financial services firms.
The Penrose report into the Equitable Life debacle, clearly identified the inadequacies of Board members as being a major source of the mutuals’ problems. All Directors and members of Committees of Management of regulated firms hold controlled functions. Apart from being within the general training & competency requirements of a regulated firm, they have specific responsibilities in ensuring that they are fit and proper to discharge their duties at all times. The firm itself has an overriding responsibility to offer every facility towards achieving this and to take robust action if any individual does not take his or her responsibilities sufficiently seriously.
As Financial Services Compliance Consultants, Haven has considerable experience in providing appropriate training for Boards and Committees of Management of Friendly Societies. As with all our training, we provide assessments linked to the day’s learning and furnish invaluable proof of outside sourced training, by financial consultants, which has been measured.
Please contact us for further information.