17 How do we ensure that relevant individuals have the required knowledge and understanding of the firm’s products and services? All relevant staff involved in product distribution must have the appropriate knowledge and competence to: • Understand the characteristics and risks of the products your firm distributes to its clients • The needs, characteristics and objectives of the firm’s target clients • The services you provide to clients This can be achieved by establishing training and competence arrangements which may vary to cater for different roles within the firm. These arrangements should provide continuing professional development opportunities for staff to learn about the firm’s client proposition and product distribution. Staff should have ongoing access to up to date information about the products approved for use. This information should be periodically reviewed with staff updated as and when changes occur, for example where products are removed, added or changed. Training will be required for senior managers, compliance staff, advisers and investment managers, and is also likely to be required for certain paraplanning, investment committee, research and administration staff. Commonly asked questions
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