MCOB: Evidencing the Quality of Advice
To discuss running this course in-house please contact us on 01327 858292 or email enquiries@ctp.uk.com
Course Outline
This unique workshop provides practical help on how to evidence the quality of advice given when conducting mortgage sales. This has been a hot topic for the FSA in 2007 with a series of thematic work being undertaken focusing in depth on the following topics where particular problems were found from previous research:-
- affordability;
- training and competence; and
- senior management responsibilities.
The scope of this work has increased to look closely at affordability in the sub prime market. Led by a consultant well versed in the rules but, more importantly with practical experience of working in the industry, you will explore the best ways to put in place systems and controls to ensure quality advice is given – and you can prove it!
This will not be a walk through the MCOB rules but will focus on the practical difficulties these pose to the firm
Who should attend?
This event is essential for anyone in a management role with responsibility for mortgage advice or those in compliance, risk or T&C function responsible for monitoring systems and controls. It would also be suitable for a group of Supervisiors, responsible for overseeing the work of mortgage advisers.
How delegates will benefit
If you want to reduce Regulatory Risk and avoid the costs associated with enforcement action attending this workshop will enable you to identify the common traps people fall into and cover them before they become and issue. You will understand the importance of the following issues and know how to improve your firms’ performance:-
- How best to ensure you have the right people with the right skills
- Remuneration policies that avoid conflicts you cannot manage
- The key performance indicators that matter
- Essential elements of the sales process
- Setting standards for advice to benchmark performance against
- What can be measured from a TCF perspective?
- What MI is essential and how can it be used to manage risk
Training Approach
This workshop is uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. The group size is kept to a maximum of 15 to facilitate sharing of experience amongst the delegates.
Workshop leader: Trevor Quinn-Thomas
Trevor Quinn-Thomas brings a unique set of experience and knowledge to deliver training with real insight into both the regulators requirements and the practical business issues. He has worked for Corporate Training Partnerships on a range of assignments where his understanding of business imperatives, FSA regulation coupled with superb training skills has enabled him to deliver some complex and challenging events. In the last 4 years he has been engaged in designing and delivering training programmes and providing regulatory advice on the rules of the FSA for mortgage brokers, general insurance brokers, insurance companies and lenders. He has first hand experience of the impact of MCOB and knows where the risks of enforcement action rest.
Trevor started his career as a financial adviser for Barclays Life Assurance and, unusually, moved to the Compliance function when regulation took hold. His communication skills took him into training and he left Barclays in 2002 as the Manager of Regulated Training for a sales force of some 1,500 people. Trevor holds the Professional Investment Certificate (AFPC equivalent), FPC, CeMAP. He is also a qualified NLP practitioner.
Programme Outline
| Session |
Aim |
Content |
| Reviewing the current environment for advice |
To establish an up to date and common understanding of the rules and current enforcement actions requirements. |
- The MCOB rules and their scope
- The T&C requirements
- How TCF impacts this activity
- How the FSA is enforcing the rules
|
The right people
|
To identify key elements of the recruitment and remuneration of advisers |
- Key controls in recruitment
- The critical role of remuneration – are you rewarding the right behaviors?
- Links to TCF culture
- Case study – Recruitment and remuneration identifying the pitfalls
|
| Supervision |
To test the controls your T&C scheme and supervisory regime provide Assessing competence initially and on an on going basis
|
- Knowledge and skills of advisers and supervisors
- Observations – how often
- Syndicate exercise - the competence framework for supervisors
|
| Clarity of the advised process |
To set clear standards for advice, fact find content, file content. |
- The sales process – one/two stage, checking standards and feedback.
- Critical elements of the fact find to establish affordability and suitability
- Post sale communications setting out WHY the recommendation is suitable.
|
| Management information |
To indentify a set of KPI’s to measure, monitor and manage advisors |
- Suitable KPI’s for mortgage advisers
- Hot topic areas to focus upon
- Case study – Using a set of MI analyse appropriate actions to take.
|
| Risk and risk controls |
To identify and apply appropriate risk management controls.
|
- Risk elements from the firms and the FSA’s ARROW and TCF perspectives
- Risk controls to prevent and remedy failure
- Format for recording and reporting risk from mortgage advice
|
Money Back Guarantee
Corporate Training Partnerships offer a unique money back guarantee on all training courses.
We guarantee our training workshops or your money back. If you are attending a CTP event and are not satisfied by lunchtime of the first day, simply turn in your training materials and you will receive a full refund.
Attend one of our courses; then implement and use the strategies that you will learn and if you do not see measurable, tangible results in your performance then we do not deserve to keep your money - we will give you a full refund.
Booking
To book online via our secure server (by credit/debit card, cheque or invoice), click here or alternatively call us on 01327 858307
Discounts
A Discount of 10% applies to members of the Compliance Institute. A 10% discount is also available for a booking of 3 or more delegates. The discounts are applied on booking.
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