FCA Regulated firms will need to meet the new training requirements under the legislation. All those staff involved in the distribution chain will need to have 15 hours CPD per year which must include
the IDD requirements for ‘minimum necessary knowledge’ in each of the following 8 areas:
- Terms & Conditions of Policies Offered
- Applicable Laws covering the Distribution of Insurance Products
- Claims Handling
- Complaints Handling
- Assessing Customer Needs
- The Insurance Market
- Business Ethics Standards
- Financial Competence
You will find details of this in FCA Handbook SYSC28.2.3 (effective 1st October 2018).
A firm must, including in relation to the relevant employee, demonstrate compliance with the following professional knowledge and competence requirements in the above.
You may have this covered and already have a method for delivering the requirements in place as part of your existing Training and Competency programmes. To assist firms in meeting the requirements, we have built an additional on-line training programme called WORKOUT2 which covers the basic knowledge of these areas.
This package is designed to complement existing T&C programmes. There are 8 modules included and these are:
|The Claims Module |
|The Finance Module |
|The Complaints Module |
|The Legal Module |
|The Customer Module |
|The Market Module|
|The Ethics Module |
|The Policy Module|
Some firms will already be using our Workout programme so will be familiar with the format but for those who are not:
The cost of this is just £45 plus vat per year per user. It is an easy solution to delivering the IDD requirements
Workout2 is computer based Training and Testing tool from Create Solutions. It has been designed to help firms meet their obligations under the Insurance Distributions Directive.
It is inexpensive and also very easy to use. The system is fully on line – with training and testing hosted by our software affiliates. Therefore candidates need to be using a computer with internet access in order to read through the training material, complete the online tests and submit their results.
Candidates are immediately shown their results on screen and can access a certificate for their CPD file at the same time if they pass. A copy of the results is them emailed to them along with a link to download the certificate.
The programme will be ready for launch early October. If you are interested and want to know more about this then please contact firstname.lastname@example.org Tel 0161 870 6637