Training & Competence Webinar – How to Meet the FCA’s Requirements. 31st of May 2023

I am delighted to announce that I will be designing and facilitating this webinar for MBL on the Wednesday the 31st of May.

The webinar will explore the fundamental and constituent parts of an effective T&C framework through the lens of the regulator.

It is suitable for those individuals involved in the design, implementation, and oversight of T&C at FCA authorised firms.

https://www.mblseminars.com/outline/17489?CC=SPEAKER22&utm_medium=email&utm_campaign=SPEAKER22&utm_source=mbl

 

Consumer Duty Webinar – Tuesday 24th of January 3.00 pm

I am the guest speaker on this first #dsw webinar of 2023!

We will be focusing on what Learning and Development professionals need to be doing to ensure that all staff are ready to meet the higher expectations the new Consumer Duty demands.

Come along and join the conversation. Registration details are below:

https://www.eventbrite.co.uk/e/dsw-webinar-the-new-consumer-duty-tickets-483044257377

T&C Networker Meeting – 16th November 2022

On Wednesday 16th November 2022 ClearStep Consulting will be hosting their quarterly virtual Networker meeting for T&C/L&D professionals across the industry.

Items on the agenda include:

  • Vulnerability and the how to define good customer outcomes and measure competence
  • Supervisors attaining and maintaining competence – best practice and how do organisations approach this
  • The Consumer Duty – approach and activities
  • Regulatory updates

If you are interested in attending please drop us an email at info@clearstepconsulting.co.uk.

T&C Networker Meeting – 20th July 2022

On Wednesday 20th July  2022 ClearStep Consulting will be hosting their first face to face (in over 2 years) T&C Networker meeting for T&C/L&D professionals across the industry.

The meeting will be held in a central Leeds venue.

If you are interested in attending please drop us an email at info@clearstepconsulting.co.uk.

Consumer Duty through a T&C lens

Lynne Hargreaves, T&C expert from ClearStep Consulting recently joined Jeff Abbott from 2be Development Consultancy as a guest speaker on Worksmart’s recent webinar “Consumer Duty through a T&C lens”.

This was a valuable debate and discussion on the key aspects of the newly proposed Consumer Duty principle with over 300 individuals registered attendees. The recording and slide deck can be accessed below:

On demand recording – your access to a recording of the entire session

Slide Deck – view and download the slides used by the presenters on the day

T&C Networker Meeting – 16th March 2022

On Wednesday 16th March 2022 ClearStep Consulting will be hosting a virtual T&C Networker meeting for T&C/L&D professionals across the industry.

Items on the agenda include:

  • The key elements of a T&C strategy – best practice
  • T&C Record Keeping – how do organisations address this?
  • The Consumer Duty – approach and activities
  • Regulatory updates
  • Fitness and Propriety tolerances – the opportunity to benchmark.

If you are interested in attending please drop us an email at info@clearstepconsulting.co.uk.

T&C Networker Meeting – 17th November 2021

On Wednesday 17th November 2021 ClearStep Consulting will be hosting a virtual T&C Networker meeting for T&C/L&D professionals across the industry.

Items on the agenda include:

  • Fitness and Propriety tolerances – the opportunity to benchmark.
  • The FCA focus on empathy  – how are firms taking this forward?
  • How are firms preparing for long-term hybrid working solutions?
  • The application and purpose of  T&C.

If you are interested in attending please drop us an email at info@clearstepconsulting.co.uk.

What’s in a name?

The short answer is a lot. For those that have read Romeo and Juliet you will remember that Juliet is not allowed to associate with Romeo because he is a Montague. She complains that his name is meaningless and if he had a different name he would be the same man. So, what is so special about a name…?

Often, the first piece of information we have about an individual is their name, from which we form judgements very quickly. This information can make you inclined to think in a positive or negative way, setting the future direction.

Now, I am not a communications expert; however, I recognise the immense power of language and the importance of thinking carefully when making naming decisions. The simplicity of a name can determine various outcomes as can the psychology. We hold associations with certain words and names.

In Financial Services we like to put a label on things, whether that be a policy, process, or system. The regulator is the same, just take a deep dive into the FCA Handbook.

In the world of Training and Competence (T&C) the names and labels used can significantly impact the perception and desire to deliver tangible results. Whether that be the call scoring categories you use or the system where activities are recorded.

What do you call your documented arrangements? Is it a T&C Scheme, Competency Framework, T&C Policy, Development Programme, Management Framework, People Policy, Quality Process, or some other permutation?

Ask yourself, what contributed to the naming decision?

  • Is it that historical that no-one remembers?
  • Is it because the FCA call it T&C and mention the word ‘scheme’ in their Sourcebook?
  • Did you want staff to take the arrangements seriously managing the risk and quality?
  • Did you want staff to develop good practice management and improve the likelihood of better customer outcomes?
  • Did you consciously decide the name, aligning the arrangements with your culture and strategy?

Recently, I undertook a review and evaluation of a T&C scheme. Part of the review included asking those in scope their thoughts and views. How did they view the Scheme? Why did they think the arrangements were in place? What did it achieve? Interestingly, the scheme was viewed as a ‘tick-box’ exercise designed to keep the organisation in business. It wasn’t just the name of the arrangements that led to these views, it was also the underlying activities and accompanying tone of voice.

Competence is not ‘tick-box’. Nor is the customer experience you aspire to deliver through your people. Building trust and a differentiated customer experience requires a staff skill set of technical expertise as well as cognitive and adaptable behaviours. To achieve this, you need a T&C strategy in place which is designed to deliver these competencies supported by an appropriate tone of voice.

How do staff view your arrangements? Is a review required?

Call scoring and the names attributed to the results can be a very emotive subject, especially for the individual. Again, a myriad of naming conventions exists across the sector. ‘Fair, fair with development, unfair’, ‘competent, competent with development, not competent’, ‘achieving, developing, below’, ‘red, amber, green’, ‘1, 2, 3’ ….and other combinations.

What does your scoring terminology and observation practices convey? Is it…

  • fear and consequences?
  • negativity and unconstructiveness?
  • development and support?
  • encouragement and self-awareness?

Why should you care?

You need to care. Will staff who worry about consequences positively and enthusiastically apply your policy and process in their customer interactions? Will they think ‘outside the box’ and strive to make that special effort for customers?

Diverse, well-motivated and competent staff means better decision making and innovation. It means a consistently delivered customer experience, an advantage in the market. Inspired and confident staff strive to resolve issues and work collaboratively.

I’m not saying that simply choosing fantastic names for all your T&C arrangements will guarantee success. As you know there’s a lot more to it than that! However, names and labels do influence how your arrangements are perceived. They set the tone for the desired outcomes. And they influence the results. What results do you want?

Now I’d like to hear from you:

Do you agree that the names you attribute to your T&C arrangements influence the results you achieve? Do your arrangements drive a ‘tick-box’ approach? What are the naming conventions you use that drive a positive staff experience?

Please let me know by leaving a comment below.

T&C Networker Meeting – 22nd July 2021

On Thursday 22nd 2021 ClearStep Consulting will be hosting a T&C Networker meeting for T&C/L&D professionals across the industry.

Items on the agenda include:

  • The FCA Consumer Duty consultation paper – what are the gaps and priorities for firms in taking this forward?
  • Vulnerable Customers – update on progress and challenges
  • SM&CR – the opportunity to benchmark approach
  • 3 lines of defence – how does this work in relation to colleague competency?

If you are interested in attending please drop us an email at info@clearstepconsulting.co.uk.

High Performing Supervisors – what does it take?

Continuing with the theme of Training and Competence (TC) excellence, my previous blog highlighted a key component of success was the necessity to have supervisors with the skills to coach, assess and support individuals.

I learnt my supervision ‘trade’ in the 1990’s supervising a geographically spread team. This was then followed by a move into Learning and Development (L&D) where I facilitated lots of Supervisor and Management Development programmes.

Leading teams and supporting the development of individuals was the most rewarding part of my corporate career – spending time with an individual, understanding their strengths and development needs and agreeing the next steps to support their growth.

The Financial Conduct Authorities (FCA) rules and guidance requires staff who are carrying out activities covered by the TC Sourcebook to be supervised by individuals with the appropriate technical knowledge and the necessary coaching and assessment skills to act as a competent supervisor. Individuals also need to demonstrate how this competence is being maintained.

The Senior Manager and Certification Regimes (SM&CR) also place an onus on those carrying out fitness and propriety (F&P) checks to be able to ‘certify’ competence and capability, putting a premium on an individual’s ability to assess and develop skills. Firms are obliged to ensure that staff understand their responsibilities and are competent to carry out these assessments against clear standards, building a portfolio of evidential findings.

Whether you call them supervisors, line managers, team leaders and/or whether they are governed by the TC Sourcebook, I believe investment in this population is key in developing skilled and effective teams who can deliver fantastic customer outcomes.

So, what does it take to develop competent, high performing supervisors?

1. In-depth technical knowledge

Individuals need the required knowledge to effectively undertake their responsibilities. Firstly, you need to determine the knowledge requirements for the role and then decide how you are going to impart, assess and evidence this knowledge both initially and ongoing.

The TC Sourcebook provides guidance and rules on whether an appropriate qualification is required and/or should be considered for those supervising individuals who are not competent.

Firm specific knowledge on applicable policy, product, process and systems is also important. Not only the knowledge pertaining to the products and services but also the wider people policies. You need to be confident in the individual’s understanding around your firm’s recruitment, performance and employment practices and how these dovetail with the approach to T&C and Certification.

I also urge firms to consider supporting the attainment of a relevant ‘Supervision’ qualification. I took the Chartered Insurance Institutes ‘H15 Supervision and Sales Management’ 18 years ago and it provided a great foundation knowledge of TC, leadership, and behavioural models. It also encompassed everything from how to recruit, train, coach, motivate and manage, including disciplinary and the laws relating to employment. All relevant stuff for those involved in people management.

Evidencing the maintenance of knowledge is one of the bigger challenge’s firms face; are once a year, point in time e-learning tests really demonstrating on-going technical knowledge?

2. A comprehensive range of demonstrable valuable skills

The skills of a supervisor are crucial in the consistent and effective assessment of the teams they lead. The ability to identify and tailor solutions which reflect learning styles and identified competence gaps is not something which is created overnight.

As with knowledge you need to determine the specific skills you require your supervisors to apply on a regular basis. For most firms these will include observation, feedback, coaching and analysis skills. Others may include the skills to hold effective one-to-ones, identify training needs and devise SMART development plans.

Next is the definition of the accompanying standards. What does ‘good look like’ in relation to coaching and feedback, what is required to be documented following a one-to-one? What is not acceptable? It is the definition of these standards that provides the benchmark from which training objectives are agreed and validation assessments are designed. It is also the step which some firms struggle with, not necessarily having the experience to determine what can be subjective practices. However, once these standards are defined they support greater assessment objectivity and consistency of approach.

Supervisors then need to be supported via more formal training interventions which aim to equip them with the skills to conduct their role activities and assess their initial competence. The learning is then continued via their on-the-job experience and relationships with others.

In a recent webinar I co-hosted with Adrian Harvey, CEO, Elephants Don’t Forget, 38% of participants polled stated they were only somewhat confident or not confident at all that their managers could demonstrate a consistent approach to TC.  Perhaps this is an area for evaluation and improvement in 2021 for your firm? Look at the FCAs positive and negative indicators for the assessment of F&P https://www.fca.org.uk/firms/senior-managers-certification-regime/solo-regulated-firms#revisions and gauge your performance.

Supervisors and line managers are absolutely key to the people experience. So why is it that firms sometimes scrimp on this area? The leadership and culture of a firm is reflected in their approach to TC; how would you rate your approach?

Now I’d like to hear from you:

What do you think it takes to develop high performing supervisors?  Maybe I didn’t touch on one of your principal strategies? Do you agree that the approach to TC and investment in people is reflective of firm culture?

Either way, please let me know by leaving a comment below.