Non-advisory staff training
FINANCIAL services industry staff who fall outside the tier one and tier two levels can now undertake a training course to understand obligations under Policy Statement (PS) 146, following the introduction of the No Advice Workshop by the Investment Training College (ITC).
Developed internally by ITC, the course addresses the problem that non-advisory staff, or what is often termed tier three staff, face by being in constant contact with clients who often demand information.
“The course allows for organisations to train staff who deal with customers on a daily basis, such as call centre staff. These staff are often pressured to give advice,” ITC marketing manager Sue Hamparsum says.
While training for tier one and two staff has been covered under the legislative changes and PS 146, other staff such as secretaries and personal assistants, who are often the first point of call for customers and their questions, have been left unequipped.
“We saw a hole in the market worth filling,” Hamparsum says.
She says the half-day interactive workshop sets out guidelines for tier three staff so they understand their obligations under the Financial Services Reform Act and PS 146.
“The training goes through what the limitations are and what staff can and can’t say under the legislation to their specific customer base,” she says.
The No Advice Workshop is tailored by ITC to specific organisations’ needs, creating the course around the groups’ compliance documents.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
