The T&C Standards and Good Practice Guidance toolkit can be used to benchmark current policy, practice and role performance and improve the standard of T&C throughout a company.
It can also be used as a blueprint for a T&C Scheme or to improve the effectiveness of current training delivery.
The kit includes rule-based guidance with specific application for firms whose employees fall in scope of the FSA T&C sourcebook and sector-specific examples and toolkits.
The initiative was led by an FSSC steering group involving Goldman Sachs, Prudential, Legal & General, Fidelity and Zurich.
FSSC chief executive Teresa Sayers says: “T&C is meant to be much more than compliance with a rulebook. A robust approach to T&C should mean peace of mind – confidence in the achievement of quality outcomes and the management of risk. It should benefit your customers, your employees and your business. This is a truly industry-led solution and I’m delighted at the extent to which employers and individuals all over the country have got involved.”
FSA director of retail policy and conduct risk Dan Waters has welcomed the guidance.
He says: ““Whilst the FSSC’s good practice guidance on firms’ T&C schemes is not guidance confirmed by the FSA, we welcome the continued work of the FSSC and other bodies in the financial services industry in setting and raising standards.
“The competence of firms’ staff has a direct effect on the quality of consumer outcomes, and the effective way that the FSSC sets the appropriate examination standards which underpin our competence requirements benefits the entire market.”