Universal Competency Assessment Framework (Building Society)
Our client, a building society, in response to the introduction of FCA consumer duty regulation, identified the need to demonstrate a higher standard of customer care and protection to comply with the requirements of FCA. To achieve this, they recognised the importance of implementing a robust competency assessment framework for all directorates in the society which cut across Business Development, Member Service, Underwriting and Retail, and to automate the storage of competency assessment data. They needed a solution that would not only assess staff competency effectively but also provide management information and reporting to evidence good outcomes to consumers in line with FCA regulations.
ForJo Ltd launched a discovery phase to conduct a thorough analysis of the client’s existing processes to identify skills gaps between their current competency level and the level required to deliver good outcomes to customers as required by FCA.
Based on the findings, ForJo Ltd designed a Universal Competency Assessment Framework which outlined the key competencies required for staff across different roles within the organisation. And a competency assessment template which provided a structured approach for assessing staff competency, ensuring consistency and accuracy across the organisation and aligned with all directorates' framework.
In addition, ForJo Ltd designed and implemented a centralised database integrated with a robust system for management information and reporting. The database served as a single source of truth for competency data, allowing for easy access, data management, analysis, reporting and visualisation.
The competency assessment framework, coupled with the centralized database and reporting system, provided SBS with a robust system to evidence good outcomes to consumers in line with FCA consumer duty regulation. The system enabled SBS to demonstrate the competency of its staff and show evidence of delivering good outcomes to consumers, thus ensuring compliance with regulatory requirements.
Our work resulted in several positive outcomes including Improved Regulatory Compliance, Enhanced Staff Competency, Efficient Data Management, and Informed Decision-Making. Overall, the challenges posed by FCA consumer duty regulation were successfully addressed, ensuring that our client could deliver good outcomes to consumers while maintaining compliance with regulatory requirements.