Blog: What's Your eLearning Strategy For Consumer Credit Compliance?
Described as a ‘a once in a generation change in regulation’, the consumer credit market, including payday lending, Crowdfunding and peer-to-peer lending platforms, now comes under FCA regulatory jurisdiction. So what’s your eLearning strategy for compliance? Unicorn director, Mark Jones, looks at the options. The new regulations impact on circa 50,000 businesses with existing credit licences, and it is inevitable that not every one of those will have traditionally met the new regulatory standards under the former OFT lighter touch approach. Treating Customers Fairly (TCF) has always featured at the heart of FCA regulation, and it is no different for the consumer credit market now, with firms now having to follow the Competent Employees Rule. Embedding a culture of ethical behaviour and compliance reflected instinctively in staff conduct should ensure that compliance is simply a by-product of good practice. Things to think about A firm’s training strategy for compliance is integral to this, as is their ability to monitor and evidence an effective Training and Competency (T&C) scheme. One highly effective solution to this is eLearning. But there are so many questions to answer before you get to the point of your online T&C approach hitting the spots that your firm now needs it to.
- What competencies, behaviours, skills and knowledge should each individual member of staff be able to demonstrate specific to their job role?
- How do you know what is good practice?
- Is your firm delivering learning on the correct core compliance topics?
- What processes does your firm have, or now need, to be able to evidence ongoing competence to the new regulators?
- How does your firm work with individuals to ensure whatever their background and prior skills/knowledge they are competent to the regulated standard?
- How do you minimise risk and maximise best practice in the workplace?