But is supervision just about checking fact-finds and disclosure documentation? It is also about checking on compet- ence and identifying the training needs of the individual.In many firms, sales managers take this on alongside their other duties. But there have been plenty of examples where these roles have come into conflict, with the drive for business taking priority. I remember seeing a report where the only training need identified was “to sell more”. So firms must look closely at the individuals they task with business reviews. There is a need for interaction between the reviewer and the individual, who must be given the opportunity to suggest areas where they feel they need help and support. This demands an environment where a cry for support is not seen as a weakness. Approaches will vary between different individuals. What will be right for one person will not suit another. The best people managers will have a range of tools at their disposal to help identify how an individual responds. What is their preferred learning style? We may also examine the scope of continuous professional development. The mortgage industry is fast-moving and a good CPD programme will ensure the individual stays fully advised on developments. It may be argued that this breadth of knowledge is not directly relevant to an advisory role but awareness of current issues helps in boosting the confidence of the individual and their credibility with clients. What is being suggested is a personalised plan for each individual, designed to eliminate all identified weaknesses and provide the foundation for maximising their potential. Are there other benefits for firms in adopting this “super- compliant” position? Staff turnover is an issue for many firms and has significant adverse effects. Recruiting new staff is expensive and can impact adversely on customer service. Operating a comprehensive and supportive development programme is a clear demonstration of the commitment of the firm to staff and customers. So it could be argued that the FSA requirements for training and competence are the bare minimum that a firm should seek to achieve. Many firms are operating schemes that will be found to be fully compliant but unless other elements are bolted on, staff will not maximise their potential. Unless we take steps to ensure that we maximise our skills, our natural market will become increasingly vulnerable to attack from overseas providers.
The Social Market Foundation has set up a working group to design a practical model for pension compulsion. The group will bypass discussions over the merits of compulsion and focus on producing a workable model. Watson Wyatt partner Michael Wadsworth is chair and members include FSA consumer panel member Harriet Hall, TUC pensions officer Michelle […]
Workers will miss out on 285m of tax breaks this year in employee share schemes, says IFA Promotion. The figure represents the amount of tax which could be saved if each of the estimate 865,000 currently in a savings related share option scheme invested just half the 1,500 investment permitted under the Government’s share incentive […]
Providers are still finding difficulties with general insurance regulation and a huge amount of work is needed to stop the industry falling foul of the scandals that have rocked the life and pension industry, claims compliance consult- ancy Huntswood. It says six months after regulation was introduced, many insurers are finding it tough to adapt […]
The Association of Mortgage Intermediaries’ Juuly census shows that 57 per cent of 252 intermediaries polled believe sourcing systems should be responsible for provided in KFIs. Fifty-two per cent say sourcing systems are still their preferred method of obtaining KFIs.
The insurer UNUM has just published a new report on The Future of Employee Benefits, which makes an interesting read for anyone considering reshaping their existing remuneration package.
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As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]