SM&CR, The Investment Association and the FCA

Posted by Julie Pardy on July 3, 2020

On a very hot and sunny Tuesday in June, I was delighted to be invited to talk to Investment Association members on the topic of SM&CR.  Joining a line-up that included David Blunt, Head of Conduct Specialists at the FCA, Angela Hayes from TLT, Natasha Cork from HSBC Asset Management and Sarah Thwaites, Senior Policy Adviser at The IA.  The afternoon was given over to discussing regulatory expectations around SM&CR and practical experience of the dual regulated regime in Banking.

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Topics: SM&CR, regulation, FCA

Implementing Certification in solo-regulated firms - the challenges and priorities

Posted by Julie Pardy on June 29, 2020

On Thursday 4th June, 2020, Julie Pardy, Director of Regulation & Market Engagement (Worksmart) joined the London Institute of Banking and Finance (LIBF) to discuss the implementation of SM&CR for solo regulated firms, particularly the challenges and priorities for those teams responsible for implementation.

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Topics: SM&CR

SM&CR professionals pivot for COVID-19, but how confident are they now?

Posted by Carla Monson on June 23, 2020

On Thursday 28th May 2020, Philip Allen (Innovate Learn), Adrian Harvey (CEO, Elephants don’t forget) and Julie Pardy (Worksmart) hosted an interactive webinar; Covid-19 proves to be the SM&CRlitmus test. Over 100 delegates joined us and listened intently to the discussions which centred around six key SM&CR related issues that are currently affecting regulated firms:

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Topics: SM&CR

PIMFA Virtual Fest - thriving in extraordinary times.

Posted by Julie Pardy on June 11, 2020

The world of work has changed beyond recognition for most of us over the last few months. And when PIMFA approached us here at Worksmart to ask whether we wanted to be part of their first ever 2 day Virtual Conference and Exhibition, with plans for an exclusively digital learning experience to cover a multitude of issues to help firms thrive in these extraordinary times, I thought... what have we got to lose...

 

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Topics: Insider, regulation, FCA

#6 Avoiding referrals to the Financial Ombudsman Service

Posted by Sarah Lawrence on June 9, 2020

In the sixth of our series of guest blogs on key issues for complaints handling, Sarah Lawrence (Access preceding blog here...), former Technical Manager at Financial Ombudsman Service looks at how firms can work to avoid referrals to her former employer

Although we're well into 2020 and Covid-19 has ensured the world is a very different place to when the plan from the Financial Ombudsman Service (FOS) was published earlier in the year, (read the full report), the report makes for interesting reading despite the current priority of maintaining service levels through the disruption caused by the pandemic, (read the FCA's recent guidance).

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Topics: complaints, regulation, FCA, DISP

Pointers for Call Centre Staff & Businesses facing COVID-19

Posted by Julie Pardy on June 9, 2020

Flexibility is key

Life is very different now from what it was just a few weeks ago. Businesses and their staff are facing great uncertainty, however one thing that is certain, is that as customers come to terms with the new normal, there will be rising levels of concern with regards to the provision of products and services from financial services providers.  This will give rise to a range of different questions and potential complaints. The UK are facing this challenge at a time of heightened emotions on all sides, where everyone is potentially vulnerable, not just customers, but also your staff and your business.

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Topics: complaints, regulation, FCA, DISP

#5 Achieving consistency in complaints handling

Posted by Sarah Lawrence on June 8, 2020

In the fifth of our series of guest blogs on key issues for complaints handling, Sarah Lawrence (access the preceding blog here...), former Technical Manager at Financial Ombudsman Service looks at the importance of consistency in complaints handling

The DISP rules don’t say it in so many words, but its rules cover the need to spot and resolve habitual issues before they become complaints, as well as rules about learning lessons from past experience. This all points to one thing - consistency.

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Topics: complaints, regulation, FCA, DISP

#4 Are you catching all complaints?

Posted by Sarah Lawrence on June 5, 2020

In the fourth of our series of guest blogs on key issues for complaints handling, Sarah Lawrence (access the preceding blog here...), former Technical Manager at Financial Ombudsman Service asks if companies are really catching all complaints and submitting them to Root Cause Analysis

It’s become something of a mantra wherever we go, businesses saying a lot about learning from complaints. We know it’s an expectation handed down from the regulator and the Ombudsman Service, and it gets trotted out, so that we can all say we’ve done our bit. Unfortunately, however, the reality is somewhat different, and it reflects in the bitty, piecemeal nature of dealing with complaints from the very start to the potential end after the Ombudsman has made the final decision.

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Topics: complaints, regulation, FCA, DISP

#3 The difference between a good and a great complaint handler

Posted by Sarah Lawrence on June 4, 2020

 

In the third of our series of guest blogs on key issues for complaints handling

(access the previous blogs here...),  Sarah Lawrence, former Technical Manager at Financial Ombudsman Service discusses the key elements of a great complaints handler

Maybe we’re biased, but we think it takes a rather special set of skills to be a good complaints handler. But, there’s also another list of skills to move from being a good complaints handler into being a great complaints handler.

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Topics: complaints, regulation, FCA, DISP

Polling results reveal pressure at our SM&CR Virtual Breakfast

Posted by Carla Monson on June 4, 2020

On Tuesday 19th May, 2020, Marian Bloodworth (HR Lawyer, Kemp Little) and Julie Pardy, Emma Howell and Nic Dent (Worksmart) hosted a SM&CR virtual breakfast. The webinar was eagerly attended by 50 delegates where we discussed the current challenges for firms, whilst sharing our own experiences from multiple SM&CR implementation.

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Topics: SM&CR

Five key questions you need to answer for yourself in readiness for the SM&CR regulation:

  • Do you understand the full implications of the new regime?
  • Have you considered the impact of the regime on your business and your staff?
  • Do you understand the impacts of embedding the regime into business as usual?
  • Does your organisation appreciate the value of future proofing your systems and processes?
  • Are  you confident in your existing systems and processes to deliver SM&CR compliance?

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