Online compliance training for consumer credit firms
Any firm dealing with consumers either as a Credit Broker, Lender, Debt Counsellor, Debt Adjuster, Debt Collector, Debt Administrator or Credit Information Service will be authorised and regulated by the FCA. Authorised firms must comply with the Rules and Guidance issued by the FCA and implement required policies and procedures into their daily operations. By doing this, firms will be able to demonstrate to the regulator that they are managing themselves in an appropriate way and prove that they treat their customers fairly in all areas of their business.
The FCA will supervise firms to make sure that they are following its Rules and Guidance. If they are found not to be, firms could have their permissions revoked which is likely to have a negative impact on their businesses.
One of the requirements placed on firms is to ensure that all appropriate members of their staff have the necessary skills, knowledge and experience to deal with their customers. Firms are expected to have a “training plan” in place to demonstrate to the regulator what steps they are taking to bring staff up to speed with the rules as these will change over time. Firms can adopt a number of methods including:
- Classroom training
- 121 coaching
- team briefings
The FCA does not expect firms to adopt a one size fits all approach as to how they train their staff, it expects firms to develop their own training plans to fit their business needs.