She explained the City watchdog has given a degree of freedom on how firms interpret and apply these expectations so while the FCA sets out these principles for firms from the top down, the PFS and CII is setting out those standards of behaviours that complement and drive good customer outcomes.
How does it work?
The PFS said one of the reasons why it has developed Proficiency+ is to support advisers in having the right mix of skills and behaviours and that people are trained appropriately.
A test taker would take an online assessment and at the end would receive a personalised report highlighting strengths and weaknesses.
At the same time, the employer or the training manager would see an overarching aggregated report that pinpoints and highlights those areas of the business where targeted training is needed.
The pricing structure is on an assessment basis so if a firm decides to onboard 20 employees, the cost would be based on those 20 employees, but it's done on a case by case basis through a call with the business team.
The PFS explained that the FCA had not signed off on the tool during the development but the PFS had some conversations with different areas of the FCA.
“We have been in conversations with some firms and we've got a couple of firms that have piloted the tool,” Riboloni said.
“It's well received and it's plugging that gap from what we've heard in terms of up to the of July 31 of last year when firms were very much focused on ensuring that they had the right processes in place.”
The PFS said non members are also able to use the tool through an employer.
sonia.rach@ft.com
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