As we enter 2019, a number of changes lie ahead for the financial services sector. There’s the long-awaited Motor Finance paper, the end of PPI, Retail Distribution Review (RDR) on Financial Advice, Claims Management Companies (CMC) Authorisation, Senior Managers Certification Regime (SMCR) within Consumer Credit and over the last couple of days, the FCA’s probe into cryptocurrency transactions. These are just a few of the areas of regulatory focus, all of which will result in industry change in some form.
In its 2018/19 business plan, the FCA is very clear on its expectations on firms’ culture and governance across all sectors. The key is being able to demonstrate that compliant, positive behaviours are being driven to ensure that consumers benefit from the right outcomes.
Below our Change Consultant, Tony Jobson, shares his insight on change, how preparation and prioritisation can support your business throughout change, big or small.
“So, what is it about Change?
This simple word can create a whole range of emotions in us. Excitement, fear, apprehension, denial – all can appear and disappear in moments or become barriers for us as we move forward.
When we think about Change it is often in the context of physically doing something differently; moving to a new house, getting married or divorced, starting a new job, being made redundant or changing career direction. Change can be directly related to us as individuals, impacting on our lives and the way we do things. We may instigate the change, or more often, it is as a result of decisions made way beyond our control.
World politics, the turbulence of economics, natural events – being in the wrong or right place at the wrong or right time – we sometimes have no say in how a particular piece of change begins or how it develops. What we can have some control over is how we understand, react and embrace or reject the different circumstances we find ourselves in. Of course, in history, there are countless examples of people doing extraordinary things in extraordinary situations, which draw awe and admiration from observers.
However, I’m more interested in ‘ordinary change for ordinary people’. Back in the day, asking someone to move desks or maybe offices were major events. Today, as technology frequently becomes a common part of the workplace, we still have those internal feelings. How we understand and deal with our reactions is something we can do something about – we just sometimes need a little help, or more importantly some space to think and breathe!
How often do we hear about a change in process going wrong? A new system being introduced and the time needed to be invested afterwards to ‘correct’ the way of working? Training in new regulations that becomes a battle of wills rather than a smooth transition? Or increasing productivity but destroying colleague engagement along the way?
My submission is that these scenarios play out all too often.”
How can Kind Consultancy help?
Looking carefully at how we prepare people for forthcoming change events can make or break a team, business or industry. At the very least it can stall progress. Consider Brexit … with just three months to go – the apparent lack of planning, conflicting personal and political agendas together with ill-judged negotiating has led to paralysis in the boardroom, investment in industry drying up and near-panic for companies who trade with European neighbours. Sound familiar? It’s a classic Change case study!
Kind Consultancy has been supporting organisations in Governance, Risk and Compliance for the last 6 years, with access to experienced individuals who have been part of the of the change revolution and have been involved in successful and unsuccessful change programmes. This experience coupled with a unique approach to the People Side of Change allows them to help leaders, teams and individuals on their own change journey.
Typically, our consultants will look at key aspects of a business, such as culture, leadership, reward & recognition. This flexible framework can guide business leaders of all levels on a path of prioritisation, coupled with individual and team discussions, coaching and mentoring sessions, best actions can be agreed to achieve business objectives.
For more information on how Kind Consultancy can support you, please email info@kindconsultancy or call on 0121 643 2100.