How we can assist you with MiFID II
If your firm is subject to MiFID ll – and you employ staff in roles under the widened scope that now applies – you must ensure that you have implemented the requirements under Knowledge and Competence and that these are effective from 3rd January 2018.
The FCA has confirmed that they don’t plan to expand existing TC guidelines around appropriate qualifications; however, under MiFID ll the roles impacted by Knowledge and Competence requirements have expanded.
Broadly speaking, the requirements ensuring that staff are both qualified and competent to provide advice are now more detailed and firms must define and measure Competencies and KPI’s across a wider role base and provide robust evidence of this.
Together with the requirements on firms to certify their own staff under the Senior Managers and Certification Regime – there is a need for better:
- assessment of Knowledge, Competence and Conduct
- setting of appropriate qualifications and KPI’s
- recruitment onboarding and probation processes
- appropriate supervision.
HRComply can help you deliver this.
Firms must define paths to knowledge, competence and good conduct and ensure their delivery is maintained and recorded.
Firms must do more to ensure compliance of staff and to identify and remediate Knowledge and Competence risks and breaches and lack of understanding of – or compliance with – Conduct Rules. It is considered by the FCA that implementation of appropriate processes, monitoring, assessment and MI under SM&CR will be more than enough to deliver this in the UK and the FCA is therefore making an assumption that ESMA rules will be delivered and adhered to under the new regime.
The date has already passed by which you must ensure that this assumption is correct for your firm
This means that you should be looking at – and implementing Knowledge, Competence and Conduct assessment and monitoring processes that are robust, with appropriate MI, Senior Management accountability and risk management processes all defined and in place.
Both our RDRComply and SMRComply solutions can help you achieve full compliance with MiFID ll requirements.