Exam Questions Flashcards
Describe the key people function of a supervisor and explain how this relates to the development of their people.
(6 marks)
The key people function of a supervisor is to manage people to ensure resources are used effectively and to deliver the needs of the customer and business and to;
Support personal growth/feedback
Create a positive developmental culture/coaching
Ensure development needs meet individual & business needs
List 6 elements contained in a Personal Specification
Physical make up General intelligence Special aptitudes Interests Disposition/attitude Circumstance
Describe the relationship between competency band interviewing and personal specifications.
(3 marks)
Interview probes for specific competencies that the person specification has identified are relevant to the job (ie good with accountants).
The required behaviour and skills are described in the person specification
The identified skills are either essential or desirable
A supervisor is assessing the performance of one of their advisers, identify the 3 stages they will go through
Gather evidence
Make a judgement on the individuals performance
Provide feedback interview
When going through the 3 stages of assessing performance, describe step 1
Gather evidence
Direct - observation, suitability reports
Indirect - feedback, activity rates, reference
When going through the 3 stages of assessing performance, describe stage 2
Make a judgement on the individuals performance
Sufficiency - is there enough info
Reliability - how trustworthy is the info
Validity - how well does the info demonstrate what we are looking for
When going through 3 stages of assessing performance, describe stage 3
Structure feedback
Agree on what is to be measured
Use examples and discuss facts
Make positive comments, ensure feedback is balanced
Summarise discussions and future actions.
State 4 steps a supervisor should undertake during the observation
Supervisor should be introduced
Supervisor should be unobtrusive
Supervisor should observe and record evidence on the observation aid
Supervisor should only intervene as agreed or when asked to do so
Treating Customers Fairly
FSA has identified 6 outcomes…
Consumers deal with firms where fair treatment is part of corporate culture.
Consumers are marketed and sold products that are designed to meet their needs.
Consumers receive clear information and kept suitably informed.
Consumers receive suitable advice.
Consumers receive the product performance as the have been led to expect from the firm.
Consumers do not face unreasonable post sales barriers.
State 7 recommendations made by Advisory conciliation and arbitration service (ACAS) for effective disciplinary procedures
Disciplinary procedure should:
Be a formal, written procedure
Indicate to whom it applies
Be available to employees to whom it applies
Specify what disciplinary actions can be taken and by what level of management
Raise and deal with issues promptly
Deal with issues consistently
Ensure that no disciplinary action is taken without a full investigation
Ensure that an employee is not dismissed for a single incident unless it is gross misconduct.
List 4 competencies you would expect a supervisor to demonstrate when managing a team
Leadership Communication Maintain compliance standards Managing performance Developing others,coaching or training
List 3 competencies you would expect a supervisor to demonstrate when creating solutions
Seeking information
Understanding or analysing information
Problem solving
Describe the FCA notification requirements under which an individual approved persons conduct must be reported excluding complaints.
(7 marks)
Where an individual is suspended or dismissed.
Where an individual who has been assessed as competent is no longer deemed competent.
Individual is no longer fit and proper.
Where an individual has failed to obtain an appropriate qualification within the prescribed time frame.
Failure to hold a statement of professional standing or statement of approved persons.
Performance of a regulated activity whilst not competent and not under supervision.
If a complaint cannot be resolved in 8 weeks, a written response must inform the customer the have up to X months to refer to the Ombudsman
6 months
List the stages of the management cycle
Design the plan Put the plan into operation/implement Monitor results Evaluate the results against the plan/review Implement any corrective action required
Management information must be…
5 marks
Accurate Timely Relevant Acted upon Recorded
ACAS stages of a disciplinary meeting
5 marks
Establish the facts Inform the employee of the problem Hold the disciplinary meeting Decide on the appropriate action Provide the opportunity to appeal
3 generic outcomes of a disciplinary meeting..
Rehabilitation - change of behaviour
Deterrence - make an example, stop other offending
Retribution - punish
What must the supervisor do when they receive a complaint before the respond to the customer
(6 marks)
Investigate the complaint diligently and impartially
Assess fairly consistently and promptly
The subject matter of the complaint
Whether the complaint should be upheld
What remedial action or redress may be appropriate
If appropriate whether it has reasonable grounds to be satisfied that another respondent may be solely or jointly responsible for the matter alleged in the complaint.
The FCA must be provided twice yearly using the GABRIEL online reporting system - which info is provided?
(6 marks)
The total number of complaints broken down into categories
The number of complaints resolved within 4 to 8 weeks
The number of complaints resolved more than 8 weeks
The number of complaints upheld
The total number of complaints outstanding at the beginning of the reporting period
The amount of redress paid by the firm
What are the 3 stages a supervisor will go through when making an assessment of performance
Gather evidence
Make judge get in respect of the individuals performance
Provide feedback
Name the 5 steps to the management control cycle
Design Implement Monitor Evaluate Corrective action
State 7 activities a supervisor or overseer can use to ensure customer service is maintained
Set the standard of service/production required
Identify the training needs within the organisation
Train the employees in these activities
Monitor and asses how well the services are delivered
Determine shortfalls
Coach individuals to improve/rectify performance
Keep record of activities
John Adair - Team Task Individual
5 steps to Achieve the task?
Identify the vision and direction Determine the resources Create a plan Monitor and evaluate performance Review and give feedback
John Adair - Team Task Individual
6 steps to achieve Build the Team?
Agree and establish standards of behaviour for group
Develop team working cooperation and team spirit
Communicate the team goals
Agree and develop team roles
Anticipate and resolve team conflict
Identify any group training needs
John Adair - Team Task Individual
4 steps for Developing the Individual?
Understand everyone as individuals - personality, strengths, weakness,maims etc
Agree individual responsibility
Plan individual goals, feedback and monitor
Identify, utilise and develop individual capabilities
John Adair - Team Task Individual Over emphasis on achieving Task... Team.. Individual... Will result in...
Task - Leader losing the support of their team
Team - too much discussion and too little action/achievement
Individual - poor cooperation between team members particularly where the individual attempts to achieve dominance over other team members.
List examples of 4 supervisor competencies?
Personal effectiveness
Working with others
Creating solutions
Managing the team
List 4 specific competencies a supervisor could demonstrate when Working With Others?
Customer focus
People focus
Building understanding and trust
Influencing skills
List 5 specific competencies a supervisor should demonstrate when Managing The Team?
Leadership Communication Maintaining compliance standards Managing performance Developing others
List 3 specific competencies a supervisor will demonstrate when Creating Solutions?
Seeking information
Understanding issues
Problem solving
List 2 specific competencies a supervisor will demonstrate with Personal Effectiveness?
Striving for excellence
Taking initiative
State the information that should be obtained when seeking a reference for a CF30 adviser?
(6marks)
Period/nature of service Training Continuing professional development Qualifications Restrictions on business Key performance indicators Disciplinary record
Explain briefly the key requirements for financial advisory firms for Money Laundering Regulations?
(6 marks)
Establish a risk based approach
Undertake customer due diligence
Dealing appropriately with Politically Exposed Persons
Verify the identify of the customer/intended nature of the business relationship
Monitor business relationships on an ongoing basis
Scrutiny of transactions to ensure that they are consistent with the firms knowledge of the client/source of funds.
What is the difference between Unfair dismissal and Wrongful dismissal?
Unfair dismissal is where the reason for dismissal is unreasonable
Wrongful dismissal occurs where procedures for the termination of employment are not followed properly.
List 4 rules that apply to the termination of employment?
Notice of termination must specify a date from which it is effective
Once notice given a notice cannot be withdrawn without the agreement from both parties
Must be given written details of dismissal within 14 days if requested
Has right to appeal
As per ACAS describe the key steps in an appeal process following a formal hearing
(5 marks)
Employee to inform employer they wish to appeal
Further meeting to be held/employer to acknowledge
The appeal to be dealt with by a more senior manager
Employee has right to be accompanied
Written decision as soon as possible.
List 5 activities supervisors can use to ensure that customer service is maintained other than through the identification of training needs or delivering training?
Set the standards of service/production required
Monitor and asses how well the service is delivered
Determine shortfalls
Coaching
Keep records of activities
State the 4 factors that could affect the number of advisers a supervisor could effectively manage?
Geography
Experience of supervisor
Experience of advisers
Supervisor with other responsibilities such as income performance
