Rmar Completion

The FSA have recently taken enforcement action against nine small firms (due to non-submission of RMAR information). This first flurry of activity is sure to be followed up, so it remains crucial that brokers are aware of any shortfalls in compliance activity.

As far as training and competence is concerned, the major area for redress by brokers remains the assessment of regulated staff as competent (on both an initial and an ongoing basis). Many brokers have ‘trained’ their staff through either classroom based or on-line learning, but not formally assessed that the learning can be applied in an ‘on-the-job’ situation. This means that a regulated member of staff has to be supervised until they have been assessed – extremely difficult to do in practice!

Also remember that your RMAR asks you to declare how many of your staff have been assessed as competent – so you need this information to be accurate. The observations are available through the training and competence section of the system, and simply require one person to act as ‘supervisor’ and assess other staff members. The ‘supervisor’ status can easily be allocated – just contact ITC on support@itcgroup.org.uk for more information or visit http://www.itccompliance.co.uk.

By: Martin Hill

Article Directory: http://www.articledashboard.com