A leading financial services training expert believes the industry has seized the opportunity to “look at compliance in the context of cultural transformation” as landmark new Accountability regulation comes into force on Monday (7 March).
Mark Jones, Commercial Director at Unicorn Training, insists the training industry’s response has been pivotal in firms preparing for the Accountability Regime, which includes a new Senior Managers Regime, Certification Regime and Code of Conduct, in an overhaul of the regulatory framework by the Financial Conduct Authority (FCA).
As the new regulation around accountability comes into effect, being able to show clear lines of reporting, roles and responsibilities, and producing evidence of competency within the wider context of compliance is critical for regulated firms.
Mark thinks bringing a more targeted and streamlined approach to T&C and compliance for firms has helped them meet today’s deadline, while also providing a firm foundation from which to support them in meeting future regulatory deadlines.
He said: “Compliance should be treated as part of, not in isolation to, an individual’s career development plan, and we’ve seen a shift towards that as the Accountability Regime deadline has loomed.
“There continues to be a real demand for ‘snackable’ just-in-time and role relevant learning delivered online that not only embeds the core knowledge in line with the new FCA regulation amongst staff, but also heightens awareness of the implications of staff going off track in encouraging genuine behavioural change.
“New diagnostic tools, Apps and mobile learning, with on and offline syncing, video and role-specific scenarios are all critical elements in creating impactful personalised learning programmes that instantly connect a learner with their day-to-day job role, and embed the learning required for firms to meet all FCA regulatory demands.”
Unicorn’s comprehensive online compliance solution, ComplianceServe, provides firms with the means to reduce risk through relevant practical training designed to encourage the right behaviours.
ComplianceServe enables the deployment of content, monitoring, reporting and automatically assigning learning from its sector-leading content catalogue, CPD, creating role-based pathways and sending email reminders to effectively deliver the right learning through desktop or mobile devices.
Meanwhile Unicorn’s partners, leading financial services consulting and training specialists, FSTP, continue to deliver complementary face-to-face training for more senior roles and/or those requiring highly complex and/or specialist knowledge.
Mark added: “The Accountability Regime leaves no hiding place in the FCA’s aims of raising standards and restoring public trust and confidence in the regulated sectors.
“The FCA has already proved it has no problem biting as hard as it barks, as many large fines and sanctions imposed on some of the world’s biggest financial institutions have shown. Only effective, robust training strategies will keep firms out of the FCA’s jaws and it is up to us to keep delivering the best solutions to help them.”
For more information about ComplianceServe visit www.unicorntraining.com/complianceserve