Training & Competence Scheme Management

The FCA’s Training and Competence requirements have been a feature of financial services regulation for many years, but their importance has grown considerably in recent times. Consumer Duty has placed renewed emphasis on firms being able to demonstrate that the individuals delivering advice are genuinely competent to do so, that their competence is being assessed on an ongoing basis, and that any gaps are being identified and addressed in a structured, evidenced way.

For many smaller IFA firms, whilst it is not mandatory to have a T&C Scheme in place, it is necessary that firms maintain records of the ongoing monitoring that the firm completes to demonstrate the competence of their certified individuals.

We design, implement, and manage your competence progress on an ongoing basis, carrying out the assessment and oversight activity itself and maintaining the records your firm needs to demonstrate to the FCA that its advisers are competent, supervised, and developing in line with regulatory requirements. Our approach is practical and proportionate, built around the specific structure of your firm and the range of activities your advisers undertake.

Creating Your Competence Framework

The foundation of any effective Training and Competence scheme is a clearly documented competence framework that sets out what competence looks like within your firm, how it is assessed, and what the journey looks like for advisers at different stages of their career. Without this, T&C activity becomes inconsistent and difficult to evidence, as the firm has established a set of standards that it expects its senior management, advisers & staff to adhere to.

We create a competence framework tailored specifically to your firm, covering the full range of activities your advisers carry out and the standards they are expected to meet. The framework sets out a clear competence journey for new and recently recruited advisers, including the supervised period, the criteria for achieving competent adviser status, and the ongoing requirements that apply once competence has been achieved. For experienced advisers, it establishes the ongoing assessment and development expectations that demonstrate continued competence over time. Every element of the framework is documented clearly and in a way that can be evidenced to the FCA if required.

File Reviews

Regular file reviews are one of the most important tools available to any firm seeking to maintain and evidence the quality of the advice its advisers deliver. They provide a structured, objective assessment of whether advice is being given in a way that is suitable for clients, consistent with the firm’s processes, and compliant with the FCA’s requirements. They also feed directly into your Consumer Duty outcomes monitoring, providing concrete evidence of the outcomes clients are receiving.

We can conduct structured file reviews across your adviser team regularly, assessing the quality and suitability of advice against both the FCA’s suitability requirements and your firm’s internal standards. Each review is documented in detail, with clear findings, a rating, and, where relevant, specific actions for the adviser to address. Findings are tracked through to completion, and patterns across multiple reviews are monitored to identify any broader issues that may require a change to your processes or training activity.

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One-To-One Interviews

Regular one-to-one interviews between advisers and their T&C Supervisor are an important part of any well-run training & competence programme. They provide an opportunity to discuss performance, address any concerns identified through file reviews or other monitoring activity, review progress against development plans, and ensure that advisers are engaged with their own professional development. They also create a documented record of the ongoing dialogue between the firm and its advisers about standards, expectations, and development.

We can conduct regular one-to-one interviews with your advisers as part of the ongoing T&C programme, preparing for each session using the findings from file reviews, monitoring activity, and any other relevant information about the adviser’s recent performance. Each interview is documented clearly, with agreed actions and timescales recorded and followed up at the next session. This gives both the adviser and the firm a clear, consistent record of the conversations that are taking place and the progress being made.

Meeting Observations

Reviewing files tells you a great deal about the quality of the advice an adviser has delivered. Observing advisers in a live client meeting, or conducting a structured role play, tells you something equally important about how they are conducting themselves in front of clients, how they are gathering information, how they are explaining recommendations, and whether the client is genuinely being put at the centre of the process.

We carry out meeting observations and structured role plays with your advisers as part of the T&C programme, assessing performance against a clear set of criteria and providing detailed, constructive feedback. For advisers who are working through the supervised period, observations are an essential part of the competence assessment process. For experienced advisers, they provide valuable ongoing insight into conduct and client interaction that file reviews alone cannot capture.

KPI Analysis & Reporting

A well-run Training and Competence scheme generates useful information about adviser performance, the quality of advice being delivered, and the areas where development is needed.

We compile and report on the key performance indicators from your T&C programme regularly, drawing together findings from file reviews, observations, one-to-ones, and CPD activity to produce a clear picture of performance across your adviser team. This management information is presented to you in a structured report that identifies trends, highlights areas of concern, and sets out the actions being taken to address them. It also feeds into your Consumer Duty management information and your annual Consumer Duty Board Report, providing evidence of the ongoing oversight your firm is exercising over the quality of advice being delivered to clients.

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If you would like to discuss how Advice Firm Compliance Ltd can design and manage your Training and Competence process, please get in touch. We are happy to have an initial conversation about your firm’s current arrangements and what ongoing support might look like, with no obligation.

What Our Customers Have To Say

Ian has taken a significant burden off our shoulders since we began working together in 2025. Having been referred by a trusted advisor, the experience has been seamless—informative, straightforward, and, most importantly, consistently reliable. His expertise and flexibility, particularly in adapting to and enhancing our systems and processes, have made him a pleasure to work with. I move forward with real confidence that our business is well-positioned within a highly regulated environment.

Simon Munday

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If you would like to find out how Advice Firm Compliance Ltd can support your firm, please get in touch. We are happy to have an initial conversation about your compliance requirements with no obligation.

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A Training & Competence Scheme That Actually Works