CTP NEWS

2011: a busy year for enforcement

Tue, 03 Jan 2012 09:57:28 GMT

The FSA issued in excess of £66 million in fines to 59 firms in 2011, a recent article in Money Marketing has revealed. This is the second largest total amount of fines issued by the regulator in one calendar year and included the largest ever retail fine of £10.5 million.

Four of the five largest fines (some £30 million in value) related to failures to ensure suitability of investment advice.

To read the article in full click here.

We've moved!

Fri, 30 Dec 2011 18:21:08 GMT

The new address is Suite 1:20, Second Floor, Norfolk House East, 499 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 2AH Telephone 01908 488170.

Another record fine for Suitability failures

Tue, 06 Dec 2011 11:43:06 GMT

The FSA has issued its largest ever retail fine of £10.5 million to a major bank because of inappropriate investment advice provided by one of its subsidiaries. This brings the total of fines imposed for Suitability failures to more than £20 million over the last few months. For more details of the enforcement action click here.

Suitability under the spotlight

Tue, 06 Dec 2011 11:20:18 GMT

Having levied fines of more than £30 million for Suitability failings in 2011, the FSA have shown they are serious about enforcing standards in this area.

So, how can you help your investment advisers and discretionary fund managers meet FSA expectations in this area of intense regulatory scrutiny?

CTP have developed a flexible, accessible and highly time and cost efficient way to make sure advisers and managers know how to meet Suitability requirements . . . and evidence to the regulator they do so?

Taking less than an hour, and making use of examples, client scenarios, case studies, quizzes and sample Fact Finds, Assessing Suitability is a new eLearning module that takes participants through the Suitability process and highlights the steps required to establish and record the risk profile and investment goals of clients.

For further information please click here, email or telephone 020 3170 5779.

FSA impose £5.95 million fine for Suitability failings

Tue, 25 Oct 2011 10:21:44 GMT

The Financial Services Authority has fined Credit Suisse UK £5.95 million for systems and controls failings in relation to sales by its private bank of structured capital at risk products (SCARPs). Between January 2007 and December 2009 Credit Suisse UK customers invested over £1 billion in these products and during that period there were a number of serious failings, including:

Inadequate systems and controls in relation to assessing customers’ attitudes to risk;
Failing to take reasonable care to properly evidence the suitability of SCARPs for customers; and
Failing to monitor staff effectively to ensure that they took reasonable care when giving advice.

Concerns were identified by the FSA during a supervisory visit to the firm, which subsequently led to the FSA commencing its enforcement investigation. The FSA has found that Credit Suisse UK had poor systems and controls in place and failed to maintain adequate records regarding its advice on these products.

Tracey McDermott, the FSA's acting director of enforcement and financial crime, said:

"We have seen all too frequently the consequences of financial services firms failing to implement proper systems and controls to ensure their customers invest in suitable products. A proper assessment of customers’ individual needs and circumstances is even more critical where firms are selling complex products like SCARPs.

"Credit Suisse UK’s systems were not up to the level we, and their customers, are entitled to expect. Our recent ‘Dear CEO’ letter to the wealth management industry made it clear that significant and widespread failings exist in this area and standards need to improve. This penalty should leave firms in no doubt about our determination to make that happen."

(Read the full FSA press release here.)

CTP have helped a number of leading wealth management firms develop Suitability procedures that meet regulatory, business and client needs.

For a taste of our Suitability E learning module click here. For a no obligation discussion with one of our Suitability experts please email us or call 020 3170 5779.

Experience Counts in Financial Adviser

Fri, 07 Oct 2011 14:11:05 GMT

First adviser to be awarded RDR qualification through work based assessment

Thu, 22 Sep 2011 13:01:58 GMT

Today William Young became the first adviser to be awarded a Retail Distribution Review (RDR) compliant qualification through Experience Counts, the work based assessment.

Experience Counts was the first work based assessment approved by the Financial Services Authority (FSA). It has been developed in partnership with The National Skills Academy for Financial Services, and enables experienced financial advisers to gain an RDR compliant qualification that does not involve examinations.

Experience Counts tests individuals on every area of the syllabus using their experience and track record to evidence their competence. The new route is suitable for experienced practising financial advisers who advise clients across a full range of financial products. Advisers who successfully complete the programme will be awarded the Diploma in Investment Planning, a level 5 qualification.

Jayne Owen, chief executive of Corporate Training Partnerships says: “There is a simple four step process for financial advisers interested in gaining the qualification through Experience Counts. Firstly, check if the route is suitable for you by taking the online diagnostic; a qualified assessor will then go through what is required for you to prepare for the assessment , identify any further gaps you may have in your knowledge or evidence; a date will be agreed for the assessor to attend your place of work to , collect evidence and check your knowledge; If there are still outstanding competencies which are not able to be assessed these will be identified and a development plan created to address these; finally the assessor will submit the evidence to prove you meet the standards. “Experience Counts is the ideal route for advisers who do not want to take formal exams.”

William Young, an independent financial advisor, is the first adviser to gain the Diploma in Investment Planning through the Experience Counts route. William received his certificate at the Experience Counts industry launch event in Holborn today. William says: “Achieving this qualification in such a comparably short space of time has allowed me to focus on running my business without disruption, in the knowledge that I am fully qualified above the RDR minimum level 4.

“Experience Counts is a no nonsense process, I was aided by professional assessors who understood my knowledge and background, and helped me get through the assessment successfully.”

William first became aware of the Experience Counts programme and the Diploma in Investment Planning qualification when he visited the CTP website, and as one of the first people to enquire about the qualification he became a pilot candidate for Experience Counts. With the success of the pilot and the progression of other advisers going through the Experience Counts route, CTP has now officially launched the route to the financial services industry.

If you would like to know more about Experience Counts, please click here, email or call us on 020 3170 5779.

79% of candidates supported by CTP pass PCIAM exam in June

Mon, 12 Sep 2011 14:18:10 GMT

A record breaking 79% of the exam candidates supported by CTP passed the June 2011 sitting of the Level 6 Certificate in Private Client Investment Advice and Management (PCIAM).

PCIAM is the qualification of choice for many experienced advisers in the wealth management sector seeking compliance with the Retail Distribution Review( RDR).

To find out more about the range of support we offer for PCIAM and other industry qualifications, please click here.

CISI approve CTP courses for RDR gap filling

Thu, 07 Jul 2011 13:59:44 GMT

CTP is now an Approved Gap-fill Provider for CISI members and is the only provider accredited for the full range of qualifications - PCIAM, IAC, LSE, Masters in Wealth Management. (Visit CISI website for details of qualification and gap-filling verification.)

To find out more about our RDR qualifications support and gap-filling courses visit professional qualifications, email info@ctp.uk.com or call 020 3170 5779 to speak to one of our RDR specialists.

CTP appoint new Retail Sector Director

Wed, 06 Jul 2011 11:22:53 GMT

CTP are pleased to welcome Julie Pardy to the team as Retail Sector Director.

Julie brings over 20 years of experience in all aspects of retail financial services and, having held roles in Training, Compliance, Training & Competence, Sales and Sales Development, is superbly equipped to help clients who are re-designing their approach to sales, from financial advice to mortgages, in call centres or face-to-face.

Julie has worked actively with a number of major banking institutions, building societies and networks over the last 18 months to assist them in managing the move of their sales forces from level 3 to level 4 qualification status, and has an extensive understanding of the RDR and it's impact on businesses and individuals alike.

Well known in the industry for her insights into the impact of regulatory change and best practice in regulated sales, Julie writes extensively for industry publications, from the British Bankers Association newsletter to IFAonline and Cover magazine. She also speaks at seminars and open courses on these topics.

Her professional qualifications include the Financial Planning Certificate, Certificate in Financial Planning Practice, Mortgage Advice Qualification and the Advanced Financial Planning Certificate. In addition, Julie holds a variety of training qualifications from training design, through to delivery, facilitation and managing learning & development functions. Add to this a recent qualification in business impact and ROI assessment and this provides Julie with the level of knowledge, expertise and practical experience to support our clients through complex change projects and training design and delivery.

To contact Julie please call 020 3170 5779 or email juliepardy@ctp.uk.com.