A Training Audit
A major Life Insurance Company needed to review its Training Policy and Practice ahead of a compliance visit from the Regulatory Body. We were therefore instructed to conduct an audit of their training framework, particularly in regard to the training and licensing of Company Representatives. Having examined the Question Bank for the exam papers, the knowledge and competence requirements at levels 1&2 of the Financial Planning Certificate, invigilation procedures and Individual Training and Development Records, we then recommended actions to correct anomalies and instigate best practice.
These actions not only raised the quality of training and improved the confidence of certified Representatives, they also saved the Company hundreds of thousands of pounds in penalties that the Regulator would have imposed for non-compliance.
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5. Customer Service and Standards Development