IFA Professional (IFAP), adviser network Tenet Group's support service for directly authorised advisers, has launched a compliance training day and a treating customers fairly (TCF) audit.
The compliance training day covers topics including fitness and propriety, TCF and anti-money laundering. However, IFAP can tailor the day’s content to the adviser’s needs.
The interactive training includes a video presentation, handouts and an informal test, which advisers can re-take if they fail to ensure they understand the content.
IFAP will usually send two representatives, including the business’ own IFAP adviser, to run the sessions.
Keith Richards, distribution and development director at Tenet, says: “The compliance training day has proven to be particularly effective at providing a better understanding to firms and their staff of why they need to undertake certain processes, helping to make these tasks more meaningful.”
IFAP members who request an audit will receive a visit from an IFAP representative, who will review all areas of the business to ensure the adviser understands TCF and addresses weaknesses. The auditor will check clients have received all relevant information and that they pay for the quality of advice as well as the quantity.
IFAP will also give the adviser an improvement plan with template documentation.
“With regard to TCF, firms often already have sound procedures in place but are not necessarily evidencing this in the required manner. The gap analysis and bespoke action plan will ensure clients can meet an FSA supervisory visit with confidence.”
The audit follows the launch of a Tenet TCF traffic light-style assessment in February.
To comment on this story contact:
Tel: 020 7034 2679
E-mail: [email protected]
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created