Non-Financial Resources

Staff
This is probably the most critical area for assessment. The FCA expects firms to have adequate quantity and quality of staff available to deliver the current business and sufficient managers to supervise and manage those staff (i.e. are there enough sales staff to deal with the sales of insurances, are they sufficiently competent to undertake the role and how many managers do you have to supervise those staff?).

Consideration should also be given for how effectively responsibilities are being discharged. Any future changes such as natural growth, acquisition or disposal should be considered.

In determining quality of the staff firms should consider the quality of recruitment, induction training and competency requirements,

Back-office Functions
This will include IT, human resource, financial, compliance and risk management functions. If the firm has an internal audit function this should also be considered.

Premises
Consider whether the firm’s premises are capable of meeting both your current and future needs.