The online resource & Quarterly meetings for people development and people regulation personnel within the UK financial services industry
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A competence scheme is best described as a T&C scheme for your employees who are subject to the FCA’s Competent Employees Rule and not the TC sourcebook.
A competence scheme will create a framework for you to develop the people in your organisation, identify and mitigate people risks and achieve desire corporate objectives and consumer outcomes.
A competence scheme will reflect the nature and complexity of your business and create a proportionate response to the risks and issues to be addressed.
We design competence schemes from a template of 8 principles. Each principle is supported by a number of key indicators. By refining the template and indicators to suit your circumstances and needs we can create the blueprint for your competence scheme and design the supporting scheme and procedures.
The 8 principles are:-
By understanding their role and personal performance against known standards employees know how they personally contribute to the company achieving their corporate outcomes.
Employees are selected for roles based on an objective assessment of their potential and suitability to fulfil
the standards required for the role.
Training follows a continuous cycle to ensure needs are identified, addressed and result in improvements in business quantity and/or quality.
ASSESSING COMPETENCE PRINCIPLE
Competence is assessed reliably across the business against relevant standards designed to achieve specific business outcomes.
Through effective supervision performance gaps and/or risks are identified and addressed.
QUALIFICATIONS & TESTS PRINCIPLE
Employees can demonstrate knowledge required for roles they undertake through passing professional examinations and/or job specific assessments.
REPORTING & CONTROLS PRINCIPLE
Senior Management can demonstrate how they ensure consistent application of these principles are applied within their business area.
RECORD KEEPING PRINCIPLE
Record keeping is embraced as an essential and effective business practice satisfying regulatory requirements as a by-