All individuals working under a firm’s authorisation should be monitored and supervised appropriately to evaluate work that is being done and not being done and also to identify potential problems. Evaluation of work undertaken will help to identify any training or support needs.
Who will need to be supervised by an accredited individual?
The following individuals will be subject to the supervision of an accredited individual (Also see Manual 1: Getting Started):
- New entrants who wish to undertake the role of a financial advisor;
- Individuals who are upgrading competence i.e. grandfathered or qualified individuals
- wishing to move to engage in activities for which their qualification/grandfathered status does not deem them competent post January 2007 (e.g. someone who is grandfathered for life policies but wishes to move into the area of general insurance for the first time);
- Administration staff -You should make sure that individuals who are not deemed
- competent to provide advice do not under any circumstances provide advice. If advice is requested by a consumer, you should make sure that this request is referred to an accredited individual.
Regular and periodic use of observation records and file review sheets can aid in the monitoring and supervision process, helping you to identify what level of supervision is appropriate to the individual’s aptitude and level of knowledge.
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