PFS announces new tool and tests to allow firms to identify training opportunities in line with Consumer Duty
Today the Personal Finance Society (PFS) has announced the launch of its Proficiency+ Consumer Duty competency diagnostic tool; the latest addition to the organisation’s Consumer Duty Resource Hub.
The Financial Conduct Authority’s (FCA) Consumer Duty mandates high standards of conduct and behaviour towards customers, and requires firms to evidence that their people have the skills and competence conducive to good customer outcomes. These behaviours and expectations have been embedded within the PFS’ new Consumer Duty Proficiency+ competency diagnostic tool.
Proficiency+ employs situational judgment tests (SJTs) to evaluate an employees’ ability to make appropriate decisions or judgments in work-related scenarios. For each work scenario, users are asked to select the most appropriate response from a set of options. They are then asked to gauge how certain they are that their answer is correct, using a confidence scale.
The results offer insights into what employees do and do not understand, and the level of confidence attributed to each of their answers. Ultimately, the report provides an indication of which employees are going to apply the right or wrong behaviour in any given scenario, allowing firms to target training where it is needed the most.
Key benefits
- Identify the areas in which training should be prioritised to create the biggest return on investment.
- Demonstrate to the FCA that your firm is actively investing in the necessary skills to drive good customer outcomes.
- Measure and enhance the influence of training on employees.
Don MacIntyre, Interim CEO for the PFS, said: “We are delighted to share the PFS’ new Consumer Duty Proficiency+ diagnostic tool with the profession. We have developed the tool with practitioners and against real world scenarios to ensure that all who use it can take tangible steps towards raising industry standards, building public trust, and facilitating the cultural shifts outlined in the FCA’s Consumer Duty guidelines.”
Those considering adopting the Proficiency+ Consumer Duty competency diagnostic tool can have confidence that it has been developed in collaboration with Cognisco, global leaders in business-critical competency management, alongside practicing personal finance professionals.
