The system will ultimately aim to provide firms with all the necessary tools to fully comply with the regulators requirements. The system will initially be tested through an individual firm before full roll-out but there are also limited places available on the pilot for firms interested in testing the system.
Competent Adviser’s existing TCF toolbox contains cutting edge computer-based training (CBT) programmes and a sophisticated learning zone hosting a variety of TCF case studies. However, this has now been enhanced to include FinQS’ TCF Centre online customer feedback tool to further assist advisory firms in meeting their TCF obligations and in shaping their service propositions.
TCF Centre is a web-based system designed to replace paper questionnaires as a way of gathering management information to prove the six TCF outcomes are being met. Each online questionnaire has been specifically designed for advisory firms to ensure feedback received is relevant and focused on achieving consistent outcomes for their clients.
Also incorporated within this joint venture will be:
• TCF training solutions & full audit trail
• TCF gap analysis and action plan
• Management Information analysis and action plan
• Quarterly review tools
• Fully automated customer questionnaire and analysis tools
• Fully automated audit/events recording
• Fully automated reporting suite
Gillian Tait, director at Competent Adviser, said:
“After numerous discussions with our clients it became apparent that there was a clear need for additional guidance and assistance relating to the obtaining and analysing of client feedback.
“At Competent Adviser we felt that a joint venture with a company like FinQS, whose staff had gained invaluable experience during their time with 1st Software, will provide clients with the ability to demonstrate sufficient understanding to fully comply with the regulators TCF requirements.”
Sim Sangha, director at FinQS, added:
“The FSA has made it increasingly evident that TCF will form an important part of any ARROW visit and it has become vitally important that advisers have access to tools that can assist them in preparing for such an audit. As TCF Centre primarily caters for a PI compliant client feedback process designed to assess performance against the TCF principles, FinQS has added value to both the TCF Toolbox and the other functionality within the Competent Adviser system. We are confident that the combination of both our products under one umbrella will be of great benefit to firms’ TCF processes.”
For full information on Competent Adviser & TCF Centre, firms should visit: www.competentadviser.com and www.finqs.co.uk
