SimplyBiz has unveiled a new Training and Competence Scheme designed to help its member firms meet the FCA’s training and competence regime, in particular the aspects pertaining to the ongoing maintenance and management of advisers.

The new proposition will see one of SimplyBiz’s compliance field team visit a member firm to design a programme built around the way in which that advisory firm operates. Although each plan will be individually crafted, they will include the key components of file reviews, skills observations, knowledge assessments, a CPD review, training needs analysis, key performance indicator collation, development plans and annual credit checks.

Paul Wilby, SimplyBiz’s head of compliance field services, said: “We’re dedicated to ensuring that the firms who choose to use our services not only stay compliant, but are also able to meet regulatory requirements in a way which utilises their time as efficiently as possible. One of our core beliefs at SimplyBiz is that everything we deliver to advisers should help them spend their time doing what they do best – advising – and the T&C scheme certainly fits that description.

“The FCA’s T&C regime states that the head of a firm needs to ‘assess the competence of each of your advisers on an ongoing basis, to ensure appropriate training is provided, and to keep records of anything that relates to the firm complying with T&C.’ Our new service addresses each of these points and will ease the regulatory burden upon the shoulders of principals of firms with multiple advisers.”