Management information (MI)
We have developed a range of tools to help you identify the type of MI that can be gathered and how it can benefit your firm.
The "toolkit" is made up of both informative tools such as a factsheet and our "guide to management information" and practical tools such as prompts for completing a review of a customer's file and examples of Key Performance Indicators.
You may wish to use some or all of the tools in this "toolkit" depending on your firm. They are not prescriptive and not tailored to any one particular firm size or business model. We hope these will help you identify any gaps or weaknesses in your processes and raise your standards accordingly.
"Information tools" section
This section provides you with tools to:
- help increase your awareness and understanding of MI;
- prompt you to think about the types of information you could gather to assess the quality of advice you give;
- help you identify how various types of MI could benefit your firm; and
- help you understand what the FSA expects of you.
Tools
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Are you unsure of what management information is, how it applies to your firm and what FSA expects of you? Our management information factsheet will help.
Factsheet: Management Information: Monitoring the advice given within your firm [PDF] -
What can you do to assess what management information could benefit your firm? See our self assessment tool designed to prompt you to think about some of the key areas in which you might want to collect and analyse MI.
MI self assessment tool [PDF] -
Our guide to management information suggests what sort of information you might want to gather and how it can help your business.
Guide to management information to monitor the quality of advice [PDF]
"Practical tools" section
This section gives links to some practical tools to refer to when considering how you could gather and use MI within your firm.
Tools
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Are you wondering how to monitor the quality of the advice given in your firm? Our brief guide gives you some examples of good and poor practices we have seen, in areas such as recruitment, complaints and training and competence.
Management Information: Does it show the full picture? [PDF] -
Our one page visual aid highlights how you might set standards and measure performance using key performance indicators (KPIs)
Examples of some key performance indicators [PDF] -
Reviewing customer files can help you assess the quality of advice being given in your firm. Our customer file review prompt will help you think some of the areas you might want to assess.
Customer file reviews [PDF] -
If you carry out a customer survey what type of information does it provide you with? Our customer survey document may prompt you to think about this.
Customer survey [PDF -
Our programme of events could help you forward plan for the events which will allow you to gather vital information.
Programme of events [PDF] -
Our scorecard gives you suggestions and tips for measuring how successful you have been at identifying and taking action at your firm.
Scorecard to measure success in addressing risks [PDF]
