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Over the last year in particular, the competence of financial practitioners has been questioned and criticised in a way unthinkable a few years ago. How many of us would have expected our family and friends from outside the sector to be riveted by the proceedings of the Treasury Select Committee as it forced some of the most prominent members of the industry to account for its failures? By the time the Treasury Select Committee issued its report in May, politicians were engulfed in their own crisis of confidence. Noticeably, at the annual SII conference in May, both the Chairman of the Treasury Select Committee, John McFall, MP and the chief executive of the FSA Hector Sants, spoke of the need to improve professionalism in their keynote addresses.
What is a competent professional? If we are designing a job advertisement to pick up on the main aspects of any person specification we would typically cover knowledge, skills and behaviour. For some years SII has regarded the balanced, proportionate weighting of ethical behaviour and continuing professional development (CPD for the maintenance of skills) to be equally important as the knowledge component, acquired and demonstrated through success in examinations. Until recently, although the FSA's T and C regime has required senior management responsibility to include ensuring the competence of staff, T and C has hitherto been defined in terms only of the knowledge aspect, and measured through the acquisition of examinations. The FSA's initiative in the retail sector, aimed at financial advisers, and called the Retail Distribution Review is set to change this approach dramatically over the next few years, and it starts to have impact now! It has three strands, two of which are not covered in this article (one focuses on remuneration and one on defining sales and advice to make it easier for the public to understand the key differentials). It is the third strand that is about professionalism. Although this article focuses on the challenge to competence in the part of the sector most associated with SII, the private client investment management sector, the proposals themselves cover every retail adviser including IFAs.
Read this article in full |
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Articles of interest |
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Powerchex have scooped the Business of the Year award at the Docklands Business Club and East London Chamber of Commerce Business Awards. The awards and gala dinner were sponsored by Barclays and were held at the prestigious Formans Fish Island, overseeing the 2012 Olympics site.
Powerchex Wins Business of the Year - Again!
Press release, 29 June 2009
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Conferences & Events |
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The FSA has said, "Once an employee has attained competence, a firm must ensure that the employee remains competent... It is important that training to maintain competence is effective and purposeful".
Retail Distribution Review - OPEN DAY, LONDON, 14 July, 2009
The SII is holding an Open Day on the Retail Distribution Review (RDR) on 14 July – 2 weeks after the publication of the FSA’s detailed proposals in its June Consultancy Paper.
The Open Day will give you the first opportunity to compare your understanding and implications of the FSA’s proposals on the new professionalism requirements for retail advisers. There will be a Training Directors Forum, a Private Wealth Management Forum, a Practitioners Panel Discussion and a Briefing by the Chief Examiner on one of the key new SII examinations for existing advisers. FSA proposals covered will include the new qualifications and alternative assessment for existing and new advisers, the form and content of continuing professional development, the new Code of ethical behaviour and the role of the new Professional Standards Board.
The SII has been involved in how these proposals apply to securities and investment management advisers and is providing a wide range of services to help individuals and firms to meet them.
Come and find out more by attending this free event which is at London Chamber of Commerce between 11am and 2.30pm on Tuesday 14 August (buffet lunch included) to make sure you can brief your firm on the RDR changes.
To book your free place, contact the SII Events team on +44 (0)20 7645 0652 or email info@powerchex.co.uk
The Effective HR Manager
JSB Training and Development,
London,
1-2 July 2009
Acas Code of Practice
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London,
7 July 2009
Maintaining professionalism in the current climate
Securities & Investment Institute,
London,
8 July 2009
Employment Law Summer School
Lexis Learning, Oxford, 14 July 2009
Conducting Workplace Investigations and Hearings
JSB Training and Development,
London,
22-23 July 2009
Strategic Recruitment
JSB Training and Development,
London,
27 August 2009
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