Showing posts with label mentoring. Show all posts
Showing posts with label mentoring. Show all posts

Monday 5 April 2010

Operational Risk ban for not having right control system

The UK's Financial Services Authority (FSA) has banned Martyn Powsney, the former director of Powsney & Co Ltd, an IFA firm based near Manchester, from holding positions of significant influence in any FSA authorized firm. Pownsey, who failed to put in place systems and controls to ensure that customers received suitable advice and failed to take sufficient remedial action, was found to be not fit and proper to run an authorized firm.

Following an initial visit in 2007, the FSA required Powsney to take action to rectify serious failings at Powsney & Co Ltd but, despite employing a compliance consultant to assist with the remedial work, he failed to take prompt, adequate action. A subsequent assessment by the FSA in 2008, as part of its assessment program for small firms, identified similar concerns to the 2007 visit.

The FSA has concluded that Powsney failed to:

  • establish appropriate systems and controls at the firm, 
  • demonstrate that the firm was providing suitable financial advice, and 
  • fully appreciate or adequately undertake remedial action required by the FSA.
Tom Spender, FSA head of department, enforcement and financial crime, said:

“Powsney lacked competence and capability. Even when FSA staff visited the firm in 2007 and 2008 and set remedial action, Powsney failed to implement the required changes.

"It is vital that those running firms have the necessary competence and capability to put systems and controls in place to ensure that suitable advice is given and customers are treated fairly. Individuals who do not have these qualities are a risk to consumers and face being banned.”

The 2008 visit to the firm was part of the assessment programme for small firms. Firms who fail to have in place appropriate systems and controls to demonstrate that they are treating their customers fairly will continue to be identified through the FSA’s Small Firms assessment program and action, including enforcement where appropriate, will be taken.

Powsney & Co Ltd, is currently in liquidation and is no longer authorized to conduct regulated business.

Saturday 18 July 2009

Personal Mentoring

Training courses can usually only go only part of the way in developing ones professional skills. Added to this is the fact that very often the training course chosen is only an approximate fit. It usually covers only 70% or 80% of the trainee’s needs. Personal mentoring is one way to overcome this sort of problem. It provides a much greater degree of training, geared to the individuals own professional and job requirements.

To cater for this Citadel Advantage, recently launched its newly developed CAPMen Program (very sophisticated sounding, but simply standing for the “Citadel Advantage Personal Mentoring” Program).

This program is a new service designed specifically to provide non-judgmental and professional support to those in senior management or aiming to reach senior management positions who need an in-depth competency in the areas of “Payments & Settlements” and “Operations Risk Management”.

The “CAPMen” program offers a depth of “Payments & Settlements” and “Operations Risk Management” experience and an insightful approach to the challenges of industry practices, allowing senior and other staff to develop their professional skills and knowledge for the benefit of banks and other institution as they moves into the future.

“CAPMen” Mentoring utilizes the full range of Citadel Advantage’s experience and its specialized professional courses to provide coaching, guidance and advice on a one-to-one basis, assisting the professional, set new goals, broaden their vision and build new strategies. “CAPMen” mentoring also helps develop personal management skills such as creative thinking, decision-making, problem-solving, and effective use of resources.

The CAPMen Program is available in a series of different levels – Blue, Silver and Gold. These level allow for an increasing mixture of personal training, mentoring and additional consultations and allow the selection of the option that is the most suitable for specific banks.

For more information you can contact me at stanley@citadeladvantage.com
 
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