How a small wealth management firm keeps FCA compliance training current
Capital Generation Partners LLP ("CapGen") is a 54-person independent wealth management firm in the United Kingdom, regulated by the Financial Conduct Authority (FCA) and registered with the US Securities and Exchange Commission (SEC) as a Registered Investment Advisor.
A single compliance lead uses CoreCompliance to keep staff training up to date with changing regulatory requirements, while maintaining completion records in one place, on one annual subscription.
Skillcast's ability to react quickly and get new and pressing matters into a course on the platform is a big win.”
Jonathan FryCompliance Associate Director, Capital Generation Partners
What problem was the firm trying to solve?
When Jonathan Fry joined CapGen in 2022 as Compliance Associate Director, he wanted a more structured compliance training programme for the firm's staff, run by one person alongside the rest of a compliance role.
Two things made that hard.
The first was pace. Expectations around refreshing staff knowledge as well as introducing new focus areas such as non-financial misconduct and workplace harassment kept moving. Each new topic meant finding a provider or building something internally.
The administration beforehand was based on a limited number of courses from the existing provider, or necessity led to courses being written in-house by CapGen's compliance function.
The second was cost structure. The firm's previous provider charged on a per-course, per-person basis. While suitable for occasional training, this model becomes expensive and unpredictable when several individual topics and an annual refresher are required.
Jonathan needed an arrangement that would:
- give staff access to relevant compliance training through the year
- let new topics be introduced as expectations changed
- reduce the effort of manually writing and delivering training
- keep the cost predictable rather than per course
How does a small firm keep training current as expectations change?
The advantage Jonathan first highlights is immediate access to new courses as compliance priorities emerge, without having to go looking for them.
Rather than sourcing a specialist provider or writing something internally, the firm assigns a newly released course from their existing subscription.
Having access to the Skillcast CoreCompliance platform avoids a lot of manual work for me. To anticipate and react to new regulatory focuses in the FCA & SEC pipeline, source or create a training course from scratch, and then deliver in-person is a significant amount of work. Skillcast's ability to react as quickly as I could creating new materials which address these topics, as well as having a whole suite of other relevant topics for refreshing staff awareness has been a huge advantage. There's also the additional benefit of allowing staff to undertake the training in their own time, at any location.”
What does the firm have to show for it?
Training assignments, reminders and completion records sit in one place rather than across a provider's system, a spreadsheet and an inbox.
CapGen undertakes the annual Fit & Proper assessments of its staff and having access to a centralised training record definitely makes this easier. Periodic audits from their external auditor can also be addressed more quickly and easily. Staff are required to maintain training records, whether internal or external, and being able to support this makes everyone's lives easier.
What does one subscription cost against buying courses individually?
Capital Generation Partners covers all 54 staff on one annual CoreCompliance subscription at £2,149 excluding VAT, the price of the 50 to 60 user tier.
The firm's previous arrangement for the same team size, covering three or four topics a year on a per-course, per-person basis, could cost the firm thousands of pounds more than its current CoreCompliance subscription.
Because the cost does not change with the number of courses assigned, adding a topic mid-year is a decision about relevance rather than budget.
If I can pick three or four courses across the year that are roughly what I want to bring people's knowledge up on, then I've saved CapGen thousands over doing it the old way.”
What changed for CapGen
Training that keeps pace with new expectations
New courses become available through the year, so the firm can address a new topic without finding another provider.
One place for assignments, reminders and records
Assignments, automated reminders and completion records are held together, ready for Fit & Proper assessments and auditor requests.
Less time spent building training internally
Ready-made courses replace the work of writing presentations and running sessions.
Predictable annual cost
£2,149 excluding VAT for 50 to 60 people, against high per-course, per-person costs under their previous arrangement.
Before and after CoreCompliance
Frequently asked questions
What small FCA-regulated firms ask about running compliance training this way.
How much does compliance training cost for a 50-person FCA-regulated firm?
CoreCompliance is priced by the number of users on an annual subscription, from £349 a year excluding VAT at the single-user tier up to £2,949 a year excluding VAT for 91 to 100 users.
Can one person run compliance training for a whole firm?
At Capital Generation Partners LLP, a single compliance lead runs training for c. 50 staff. Courses are assigned from the subscription, reminders go out automatically and completion records are held in one place, so the work is administering a programme rather than building one.
What happens when a new regulatory expectation appears mid-year?
Courses released during the subscription term are available at no extra cost, so a firm can assign a new topic without a separate purchase.
Do small FCA-regulated firms have to keep records of compliance training?
A firm's training and evidence depends on its permissions, activities and roles, rather than a universal checklist.
Is CoreCompliance only worth it for a firm of this size?
The cost per person falls as the number of users rises, so firms above 50 employees see the widest gap against per course pricing. Smaller firms buy the same subscription at a lower tier, starting at £349 a year excluding VAT for a single user.
Keep your team's training current and evidence ready
Without building, maintaining and administering a compliance training programme yourself. Try CoreCompliance free for 30 days, no card required.