REGULATORY EXPERTISE
The audit report , rated using a RAG ( Red , Amber , Green ) scale , offers practical insights into regulatory requirements related to staff supervision . It serves as a roadmap to establish robust systems , controls and compliance mechanisms . Areas highlighted include :
• Recruitment and Onboarding : Assessing the suitability of new hires based on integrity , competence and financial soundness .
• Induction Procedures : Evaluating the effectiveness of onboarding processes for new team members .
• Supervisory Regime : Ensuring the framework in place effectively oversees advisers ’ actions in line with regulations .
• Training and Competence Scheme : Confirming advisers possess requisite skills and knowledge through a structured scheme .
• Specialist and Higher Risk Areas of Advice : Identifying specialised advisory areas and assessing alignment with regulatory mandates .
• Leavers Procedures : Reviewing protocols for departing advisers to ensure compliance .
• Appointed Representatives : Assessing adherence to regulations for these representatives , where applicable .
• Non-Advising Staff : Evaluating compliance measures related to staff not directly involved in advising . The report will highlight and provide commentary on the areas reviewed , along with details of any actions recommended to enhance or improve the regulatory controls . Further support is available to help implement and embed any of our recommendations , and to further review the success of any changes after a suitable timeframe .
Training , Certification and Competence Service – save up to 42 hours every year ! With the SimplyBiz Training Competence and Certification Service , firms are finding that they can ensure they are not only meeting the FCA ’ s requirements , but they are also losing the burden of time that this places on them , leaving them free to spend more time with their clients . The service includes file reviews , skills observation , knowledge testing , CPD review , personalised training needs analysis , development plans , KPI analysis , annual credit checks and certification . This ensures advisers and staff members maintain regulatory compliance while focussing on client interactions ; working together with firms to facilitate a system to collate the necessary key performance indicator data and then prepare a report for each adviser with detailed findings .
Fit and Proper Checks – a fundamental step in recruitment of staff In line with the Consumer Duty and Appointed Representative Regime , firms must ensure relevant individuals are fit and proper for their roles . This
IN LINE WITH THE CONSUMER DUTY AND APPOINTED REPRESENTATIVE REGIME , FIRMS MUST ENSURE RELEVANT INDIVIDUALS ARE FIT AND PROPER FOR THEIR ROLES . THIS IS ANOTHER ADMIN-HEAVY , TIME- CONSUMING TASK , SO SIMPLYBIZ DEVELOPED A COMPREHENSIVE SOLUTION TO TAKE THE TIME PRESSURES AWAY FROM FIRMS .
is another admin-heavy , time-consuming task , so SimplyBiz developed a comprehensive solution to take the time pressures away from firms . Recruitment and Onboarding : Undertaking fit and proper checks before adviser or staff member commencement . Ongoing Checks : Conducting annual fit and proper checks for continued adherence . The package includes a review and analysis of submitted documents , employment references , credit checks , criminal record checks , Companies House checks , knowledge testing , conduct rules training and FIT assessment support . The outcome is presented in a detailed report , helping firms make informed decisions aligned with regulation .
Credit Checks – consistency is key The FCA expects firm principles to demonstrate the ongoing fitness and propriety of their advisers which includes their credit status . This forms part of the fit and proper checks conducted at the outset . SimplyBiz covers the cost of an annual licence , meaning there is no requirement for firms to maintain their own . Having undertaken the relevant checks , firms are provided with a confidential report which analyses the outcome and findings , making recommendations where needed . SimplyBiz also offers this as an automatic service , meaning firms are contacted at the relevant time each year .
If you would like to discuss any of these services in further detail or book a visit , please contact our support team on 01484 443419 or email compliancevisits @ simplybiz . co . uk or compliancevisits @ compliancefirst . co . uk .
More information can also be found on our Members and Clients website .
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