Training & Competence

Terms & Conditions, Tea & Coffee, Time & Cost.

These are just a few acronyms for T&C.  But it shouldn’t come as a surprise, within our FCA regulated industry, T&C is known as Training and Competence.

One of the most pivotal roles within an advisory firm like yours is that of the T&C Supervisor.

Unfortunately, not many firms know this hidden secret, but the regulator does.  And this would explain why anyone performing a Training & Competence role will now need to be certificated under SM&CR rules.  This means they also come under the Fit and Proper testing.

But do your supervisors know this?  And really understand what this means to their role?

With the Certification Regime now recognising Training & Competence, this important role should come to the forefront of your firm to really make a difference.

What do Training & Competence Supervisors do?

T&C supervisors will know that the perception of what they do ranges from firm to firm.  From compliance, to 1:1’s, to looking at CPD records.  But what they really do is so much more and can make a huge different to a firm:

  • Inducting staff
  • Observing the advice process and giving constructive feedback
  • Increase monitoring of high-risk activities
  • Coaching advisers for various outcomes
  • Confirmation of competent adviser status
  • Feedback on file reviews and ways to improve
  • Identify knowledge gaps, and create training plans to improve
  • Training courses, coaching and mentoring trainee advisers

They can identify emerging risks and monitor them, interrogate and interpret management information, and still check CPD records if they have time.

Training & Competence supervisors can help stop things before they become a risk and if needed, work to change practices and behaviours.

Aren't they just Compliance staff?

The simple answer is no. T&C supervisors do tend to sit underneath the compliance hierarchy, certainly in larger firms.  But they are an entity on their own, supervising advisers and supporting the compliance outcomes.

Training & Competence as a Certificated Role

The fundamental principle of the SM&CR is accountability.  So, T&C supervisors and show their skills in their roles.  After all, they will be accountable to show the outcomes of their observations, risk identification and how they deemed someone as being competent.

  • Does your Training & Competence Scheme really work for your firm?
  • Are your Training & Competence Supervisors doing the full role?
  • Is your current Training & Competence process just a tick in the box?
  • How are your Supervisors trained, monitored and maintain their own competency?
  • Do they sit an annual refresher course?

Are any of these areas a concern for your company?

How B-Compliant can help

  • We can act as your outsourced Training & Competence Supervisors
  • Provide a refresher course that is interactive and not just an information dump on Principles for Business
  • Supply a suite of T&C documents that move away from a tick box exercises
  • And work with you to develop a T&C scheme that is bespoke to you not just an off the shelf template to make fit.


“I wanted to say how good the training was yesterday with Annabel.

She is clearly very knowledgeable and passionate about T&C and made the training light-hearted and interactive.

I had a good chat with her before about T&C/SMCR and it really opened my eyes to a few things.

Just wanted to let you know that she did a really great job!”

Lucy Woolrich – Head of Training at Equilibrium Financial Planning LLP

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