17 Aug What Compliance Elearning Should Include for FCA Rules

FCA-regulated firms need more than a generic tick-box course. Here are the content areas your elearning must cover to demonstrate real regulatory understanding.

Consumer Duty

Content to be covered within modules related to the new FCA’s Consumer Duty include a definition of the four consumer outcomes and how poor value, foreseeable harm and barriers to good decisions can be identified by staff. The content within each of the modules related to the new FCA’s Consumer Duty expectations need to allow learners to demonstrate their understanding of the FCA’s new rules on how to ensure that retail products and services provided by regulated firms meet required high standards.

Senior Managers and Certification Regime

SMCR elearning: individual accountability, Conduct Rules, reporting requirements – using scenarios to highlight breaches of Conduct Rules.

Financial Crime

Fin Crime Module Content. Red flags for money laundering. SARP and the firm’s procedures for reporting and for escalation. Test staff on when to report and to whom and not just explain terms and definitions.

Complaints Handling

The audit for this section will need to examine each of the points listed above within the elearning and assess whether there are any learning gaps within the existing material.

Putting It Together

Good compliance elearning will tie the end of each module to a knowledge check to create a completion record. This allows for audit trails to prove that specific staff have learned the necessary material for specific obligations on specific dates.

A useful reference for Elearning Compliance Training is https://www.adempi.co.uk/compliance-training/elearning-courses.

Audit your existing online compliance training programs for FCA Rules against the four key topics listed above. This will identify any gaps.