Are you fulfilling your Consumer Duty?
So you've implemented all the compliance processes for Consumer Duty, but how do you know if your people's behaviour is aligned?
The Proficiency+ Consumer Duty diagnostic tool enables your firm to manage, develop and evidence the behaviours and competence of your workforce against the expectations of the FCA.
Consumer Duty Proficiency+ has been developed in collaboration with the Personal Finance Society. The diagnostic will ensure your people are competent and able to deliver good customer outcomes, and also help you evidence you are investing in the right training.
Proficiency+ employs Cognisco's situational judgement tests (SJTs) to evaluate an employees' ability to make appropriate decisions or judgements in work-related scenarios in order to deliver good customer outcomes.
Key benefits of Proficiency+
- Identify the areas in which training should be prioritised to create the biggest return on investment
- Demonstrate to the FCA that your firm is actively investing in the necessary skills to drive good customer outcomes
- Measure and enhance the influence of training on employees
- It is designed specifically for Financial Planners, Advisors and Para Planners of all levels of experience
"The Duty sets a higher expectation for the standard of care that firms give customers. For many firms, this will require a significant shift in both culture and behaviour."
Evidencing compliance
Drive action, evidence competence and minimise risk
The FCA is clear that it expects firms to ensure their board or equivalent governing body takes full responsibility for ensuring that the Consumer Duty is properly embedded within the firm. Firms must also consider their record keeping obligations. The ability to evidence compliance with the Consumer Duty to the FCA is going to be crucial, which is where Cognisco can help.
Proficiency+ optimises your understanding of the capability and confidence of your people, enabling you to manage, maintain and evidence competency and compliance, while also effectively reducing risk.
Proficiency+ Diagnostic Tool
Gain visibility of competence across your workforce
Have you identified any potential gaps or weaknesses in your training and competence and developed a plan to remedy this? We can show you where to focus your training, improve your procedures and ensure you have the MI to show processes are in place, are working and being appraised.
Try the diagnostic tool out yourself - use the demo to take a mock test that will evaluate your competence levels through a series of work-based scenarios and provide you with a sample report, giving actionable insights into strengths and areas for improvement.
Working with Enterprise Organisations
25 Years of Evidencing Competence
Cognisco are global leaders in business-critical competency management with 25 years of experience helping organisations who work in highly complex and regulated environments.
Since 1998 Cognisco has worked with some of the world's leading financial services organisations including HSBC, Barclays, Lloyds and Natwest Banking Group.
Schedule a discussion
Talk to us about how we can help you be prepared for the Consumer Duty act
We are confident that utilising our assessment and the MyKnow 365 platform will transform the way your organisation manages workforce competency and complies with the new Consumer Duty act.
Tell us about your current challenges so we can help you to minimise risk and be ready.
We are trusted by some of the world’s largest brands, government bodies and senior leaders.
