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How to Ensure FCA Compliance when Determining Staff KPIs?

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How to Ensure FCA Compliance when Determing Staff KPIs?

Being FCA compliant is important for any business operating within a financial market. By being FCA compliant and following their principles, not only will you be treating customers fairly, but you will also find customers are more willing to use you when they require your financial services. More importantly, by not being FCA compliant you could be breaking the law and be subject to a large fine should you be investigated.

Below is a guide on how to ensure FCA compliance when determining staff Key Performance Indicators (KPIs).

What Is The FCA?

FCA Logo 1

FCA is short for the Financial Conduct Authority. The FCA (previously Financial Services Authority (FSA) – operating from 2001 to 2013) has been operating since 2013 and is there to make sure all financial dealings are done fairly, following the correct laws. No matter what sort of business you are, the FCA are there for three things, to protect consumers, protect financial markets and promote competition but in a fair way.

The FCA is an independently funded public body and are there to make sure everyone is treated fairly and consistently. Having regulated over 60,000 businesses, it is important to make sure you are FCA compliant, otherwise you could be subject to a fine or penalty, even imprisonment.

How do I ensure FCA Compliance when determining Staff KPI’s?

As a business, it’s important that you can keep a record of your processes. It’s important that should you be investigated, that you are able to demonstrate that you are fair to your customers and that senior management understands the importance of following the guidelines. It’s also important that you take responsibility and train your staff to be FCA compliant when looking after customers.

 

When setting KPIs, you should bear in mind the following:

 

  • Staff can demonstrate that they are looking after customers in a fair way and following company guidelines and processes. They understand what fair treatment is and actively aim to achieve this all the time. Should something go wrong they learn from it.
  • Staff performance should be measured against customer fairness issues.
  • Staff should be able to show that they are delivering a fair outcome without compromising the business. No issues should arise and everything should be documented.

How Automotive Systems provide compliance support tailored to the size and scope of your business

At Automotive Systems we can support you and your business to be FCA compliant. No matter the size of your business, or the scope of your work, we can put tailored plans together to support you with your compliance. Areas in which we can support you are training and learning management, supply you with FCA regulatory software, join us and become an Appointed Representative or help with comprehensive reporting. We have been operating since 2007 and have partnered with many of the leading Dealer Networks in the UK. With over 15 years of experience, we are able to support you.

Feel free to give a member of our experienced team a call should you have any questions about how we can support your business. Alternatively, feel free to fill in our contact form to get in touch.

Enquire now and see how we can help determine staff KPI's.

 

 

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