In our recent survey undertaken with TCFInfo users 61% said they would like us to develop content and assistance with training requirements. In response we have launched a new section of the site which offers:
- A Training and Competency audit checklist
- Best practice guidance for training and competency procedures
- Details of fines previously imposed by the FSA for lack of competence
- Links into our TCF training section for useful training logs
What the FCA says about training and competency
The MMR paper CP11/31 contains a section which outlines the regulators commitment to “enhancing professional standards” in the mortgage industry, and their guidance on best practice clearly states that it expects advisers to undertake annual training to test competency on mortgages, firm procedures and regulatory practices.
Through their new small firm’s assessment process, the FCA’s intends to review all directly authorised mortgage brokers over the course of the next four years. A key aspect of this new supervision will be to look at the controls businesses have in place to identify risk and they will expect evidence of appropriate training and competency practices.
How to use this section
Whether you already have a training and competence procedure in place or looking to develop one, start by downloading our easy-to use Audit Checklist to identify areas that need attention. You can then find practical examples of how to develop and implement a plan in our Best Practice Guide.