Key considerations for improving employee training and competence for financial crime compliance and the new fraud legislation.
The FCA has recently reiterated its expectations for firms regarding staff training and competence in relation to financial crime. Firms were reminded that they should review employees’ competence and take appropriate action to ensure they remain competent for their role. They should also have an organisational structure that promotes coordination and information sharing across the business, as well as appropriate, up-to-date policies and procedures that can be easily accessed and understood by all staff.
With key deficiencies in training frameworks still being identified by the regulator – including a reliance on “one-size-fits-all” approaches, a lack of appropriately tailored and personalised training, poor cultures of mandatory training completion, and a lack of robust evidence to demonstrate the effectiveness of training being provided – we unpack some of the key expectations in this paper and examine how firms can get ahead of the FCA’s expectations.
