The Personal Finance Society (PFS) unveiled its latest innovation, the Proficiency+ Consumer Duty competency diagnostic tool, today (19th February), as part of its ongoing efforts to support the financial services industry’s compliance with the Financial Conduct Authority’s (FCA) Consumer Duty regulations.
This new tool is a significant addition to the PFS’ Consumer Duty Resource Hub, aimed at ensuring high standards of conduct and behavior towards customers.
Proficiency+ leverages situational judgment tests (SJTs) to evaluate employees’ decision-making capabilities in work-related scenarios, providing a nuanced understanding of their competencies and confidence levels.
This approach enables firms to identify specific training needs and demonstrate their commitment to fostering good customer outcomes to the FCA.
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.”
The development of Proficiency+ was a collaborative effort with Cognisco, a leader in competency management, and practicing personal finance professionals, ensuring the tool’s relevance and effectiveness in real-world applications.
