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FSA Retail Distribution Review (RDR) Interim Statement  

The Financial Services Skills Council (FSSC) this week welcomed the FSA’s Interim Statement on the Retail Distribution Review (RDR), which threw down a gauntlet to the industry “to develop and implement an agreed common framework for professional standards.”

The FSA’s Interim Statement twice flagged the role of the FSSC on professional standards:

• “We recognise that we must take account of existing government initiatives on standard setting and the impact on our role and on our regulatory requirements. This makes it essential that any discussions on professional standards involve all those who have responsibilities in this area including, in particular, the Financial Services Skills Council (FSSC).” (3.9)
• “We are encouraged by the feedback we have received on professional standards, and particularly by the discussions between various professional bodies and others (for instance the FSSC) which show that there is considerable agreement that action is needed. We have consistently stated that this is an area where we believe the industry needs to take the lead.” (6.1)

The FSSC is the official standards-setting body for the UK financial services industry and has been working for some time on many of the areas addressed through the FSA proposals. In its response to the FSA’s consultation in December, the FSSC stressed that it advocates professionalism at all levels of advice. The FSSC sees professionalism as a combination of knowledge, skills and behaviour, and in its response to the FSA aimed to redress this balance, emphasising that skills and behaviour should be held in equal regard to knowledge.

“We’re delighted by the commitment shown in the FSA’s statement to industry-led change on an agreed common framework for professional standards,” said FSSC Chief Executive Teresa Sayers. “We have been doing a huge amount of work on how the proposals in our response to the RDR would work in practice. Now it’s full steam ahead. Given the FSSC’s official remit for skills and our position as the standards-setting body for the industry, we are pleased to see the FSA recognising some of the practical difficulties raised by the varying interests represented by the different bodies involved and retaining leadership of this vital work on standards.”

The FSA’s Interim Statement on the RDR is at: www.fsa.gov.uk/Pages/About/What/rdr/index.shtml. The FSSC’s full response to the RDR (December 2007) is available at here

02.05.08

BBA Chief Executive to join Board of Financial Services Skills Council

British Bankers' Association Chief Executive Angela Knight CBE is to join the Board of the Financial Services Skills Council, the body which provides strategic leadership for education, training and skills development for the UK financial services industry.

Press Statement
09.04.08

Skills council welcomes 'Edinburgh Declaration' announcement

We are pleased to welcome the announcement, branded the 'Edinburgh Declaration’ (4 April 2008), of a Statement of Principles for professionalism by four of the main professional bodies for retail financial services.

The move, by the Chartered Insurance Institute, Institute of Financial Planning, Securities & Investment Institute and Chartered Institute of Bankers in Scotland, comes in advance of the FSA's interim statement on the Retail Distribution Review (RDR), which also saw the FSSC advocating a new code of conduct and standards of professionalism.

Press Statement
07.04.08

Important News – FSSC assumes responsibility for AOSG work on accountancy and related areas

The FSSC has, from April 1, assumed responsibility for the work on accountancy and related areas previously carried out by the Accountancy Occupational Standards Group (AOSG). AOSG was an interim sector body for the accounting sector, supported by employer representatives and accountancy bodies including: AAT, ACCA, CIMA, CIPFA, ICAEW and ICAS.

The FSSC is now responsible for accountancy apprenticeships and any certification claims for the accounting or payroll frameworks should be sent to the Education Administrator, FSSC, 51 Gresham Street, London EC2V 7HQ.

All claim forms must be accompanied by payment by cheque or Bacs. Cheques for £30 should be made payable to Financial Services Skills Council. Please make bank payments to - Sort Code: 18-00-02, Account Number: 08377022 and enclose a copy of the remittance advice with the certificate request form. Please note certificates will not be issued until payment is received in full. Certificates will be issued within 6 weeks of receipt.

Relevant documents and claim forms will continue to be made available via http://www.fssc-accounting.org.uk whilst integration takes place.

02.04.08

Skills council appoints new National Manager for Scotland

We have now appointed the Financial Services Authority’s Fiona Adam as our new National Manager for Scotland.

Based in Edinburgh, Fiona will be responsible for working with employers and their professional bodies to identify current and future skills needs for the sector in Scotland.  She will collaborate with a number of key stakeholders on skills solutions, including the Scottish Government, Scottish Enterprise and Skills Development Scotland.

Press Release
31.03.08

FSSC launches online consultation for new Training & Competence standards

We are inviting Training & Competence (T&C) practitioners from across the UK to give their views online on the National Occupational Standards (NOS) units which are being developed for people working in this area. Following consultation with key industry practitioners, since the project was launched in October 2007, NOS have now been drafted for these functions:

• Policy, Scheme Design and Maintenance
• Managing Performance through T&C
• Quality Assurance of T&C Schemes.

NOS are industry performance standards that set out the requirements for effective performance in the workplace.  They are presented in the form of units which are divided into outcomes of effective performance, behaviours underpinning effective performance and knowledge and understanding.

They have a wide range of uses in the workplace, including recruitment and selection, competence assessment, training design and delivery and drawing up person specifications and job descriptions.

Press Release
14.03.08

Skills Council gets Yorkshire employers fired up for financial services apprenticeships

We are teaming up with the National Skills Academy for Financial Services to hold an apprenticeship workshop for employers in Yorkshire.

Recently we launched a series of employer workshops across the country as part of the first-ever Apprenticeship Week (25-29 February 2008). These events demonstrate how apprentices can benefit financial services businesses, and explain the new apprenticeship frameworks for the industry.  The workshop for Yorkshire’s financial services employers will be held at the Yorkshire Bank in Leeds on 5 March, and runs from 11am to 1pm, with lunch and opportunities for networking.

Press Release
29.02.08

Skills Council gets employers fired up for Apprenticeship Week

Were pleased to announce that we are getting behind next week’s first-ever Apprenticeship Week (25-29 February 2008) with a series of employer events and information about how apprentices can benefit financial services businesses.

We have recently had three apprenticeships approved and funded for the industry:

• Apprenticeship in Retail Financial Services
• Advanced Apprenticeship in Retail Financial Services
• Advanced Apprenticeship in Advising on Financial Products.

Press Release
More Information
Skillsmatters Article
21.02.08

FSSC to launch training and competence standards consultation events

We're now inviting Training & Competence (T&C) practitioners from across the UK to attend one of a series of events as part of its consultation on National Occupational Standards for T&C.

We have been consulting with key industry practitioners on developing the standards for NOS T&C since the project was launched in October 2007.

Press Release
13.02.08

Apprenticeships Workshops in the South East

Recruiting and retaining young people in our industry is becoming increasingly difficult.

Too often employers report an escalating shortage of work-ready young talent and the difficulties they face in attracting and retaining recruits of the right calibre.

It goes without saying that the key to a successful business is to build and sustain a highly skilled and motivated workforce. In partnership with financial services employers, the Financial Services Skills Council has recently developed new Apprenticeships to help employers achieve this and improve company profitability.

Further information
29.01.08

Scotland approves new modern apprenticeship framework in providing financial services

A new Modern Apprenticeship Framework in Providing Financial Services, developed by the FSSC, has been approved for use in Scotland.

The new Modern Apprenticeship covers people working in areas such as retail banking, general and long term insurance, investment administration, financial and mortgage advice and pensions.

The FSSC decided to include Financial Advice, Banking and Investment Administration, and Insurance within a single Modern Apprenticeship framework, following feedback from employers that employees would like the option of a ‘financial services’ certificate. The move should also increase the number of learners for this area of Modern Apprenticeships in Scotland. The new framework follows the development by the FSSC of new National Occupational Standards (NOS) in these areas, and replaces earlier Modern Apprenticeship frameworks in Providing Financial Services (Banks and Building Societies) and Insurance.

Press Release
25.01.08

Apprenticeship Awards 2008

On 3 December 2007 the Apprenticeship Awards 2008 were launched by the Learning & Skills Council (LSC). The Awards are in their fifth successful year and have become the most prestigious event on the Apprenticeship calendar.

The Awards celebrate the success of apprentices who have made a real difference to their own future and the organisation they work for. They also recognise the work of employers who are successfully improving their business performance so don’t miss out on your chance to be there and enter today!

There are four categories open to apprentices:
Apprentice of the Year, Advanced Apprentice of the Year, Young Apprentice of the Year and Personal Achiever of the Year.

Further information
23.01.08

New Chairman for Financial Services Skills Council

The FSSC, which provides strategic leadership for education, training and skills development for the financial services industry across the UK, has appointed Roy Leighton as its new Chairman.

Roy Leighton is a member of the Chancellor’s High Level Group, and takes over the FSSC role from Nationwide Group Retail Director Stuart Bernau. He is immediate past Chair of the Practitioner Panel at the Financial Services Authority, and chairman of the Financial Services Sector Advisory Board for the government body UK Trade & Investment (UKTI).  He has served as UK chairman of Calyon, and Chair of the European Advisory Board of Credit Lyonnais, and was formerly Chairman of Nymex Europe Limited. He is a non executive member of listed and private companies in the UK and abroad, and for seven years was Chairman of the Futures and Options Association (FOA).  Roy joined the Board of the skills council when the FSSC was first established in March 2004, and in 2007 became the FSSC’s first Deputy Chair.

Press Release
14.01.08

£3.7 billion market for skills in UK financial services

A new report published today highlights the importance of skills and technology to growth in the UK financial services industry.

The view from Europe: Productivity and change in UK financial services analyses the findings of two EU-wide research projects, EU KLEMS and the European Restructuring Monitor (ERM), in search of the sources of value creation, change, employment and demand for skills in the industry.

Press Release
13.12.07

Norwich Union to invest more in local talent

Norwich Union has today announced that it is to double its investment in the Norwich-based Skills Academy for Financial Services, East of England, to £200,000 over the next five years.

Further information
06.12.07

Chancellor opens Norwich centre for the National Skills Academy for Financial Services

The Chancellor of the Exchequer, the Rt Hon Alistair Darling MP was in Norwich today, Thursday 29 November, to officially open the National Skills Academy for Financial Services hub in the East of England.

The Chancellor of the Exchequer, the Rt Hon Alistair Darling MP, said:

"I am delighted to be opening the National Skills Academy in Norwich. It illustrates the pioneering and successful partnership already established between City College Norwich and others in the Financial Services industry, helping them to develop important new qualifications for the sector.”  

Press Release
30.11.07

Skills Council appoints new Chair for major employer group

We are delighted to announce the appointment of Fidelity FundsNetwork™ Head of Training & Professional Development, Sara Powell, as the new Chair of its Major Employers’ Advisory Forum.

The forum, which meets four times a year, is a committee of the FSSC Board and is a vehicle for the exchange of ideas and cooperative action between the Council and the major employers in the sector.  Its members are drawn from major employers which are also members of the FSSC. 

Press Release
28.11.07

Minister for Skills presents new Advanced Apprenticeship in Investment Administration 

David Lammy MP, Minister for Skills, pictured with one of the successful apprentices and National Skills Academy for Financial Services Director Sylvia Perrins.

The Investment Administration qualification was developed through a partnership between Skills Solutions, The Financial Services Skills Council and The Bank of New York Mellon.  

Further information
12.11.07

Treasury Minister leads hard-hitting line-up at Financial Services Event

In a keynote speech at our annual conference, Economic Secretary to the Treasury, Kitty Ussher MP, called on employers to “invest alongside government” to support higher level skills in the industry. 

Speaking at the Business Design Centre event in London, Kitty Ussher also said: "Skills are crucial to the future competitiveness of our economy, which is why the Government is increasing its investment in improving the skills of the workforce. By 2010-11, annual spending on higher education and adult skills in England will be £2 billion higher than in 2007-08, helping to set us on the right track for achieving our ambition of a world-class skills profile by 2020."

Press Release
09.11.07

Skills Council appoints first-ever Deputy Chair

We are delighted to announce that board member Roy Leighton has been appointed the position of our first Deputy Chair.

Roy Leighton is currently Chair of the Financial Services Practitioners Panel at the FSA, and chairman of the Financial Services Sector Advisory Board for government body UK Trade & Investment (UKTI).  He joined the Board of the Skills Council when the FSSC was first established in March 2004 and takes up the office of Deputy Chair from the date that he was elected by the FSSC Board, 24 October 2007

Press Release
31.10.07

New employer research scopes solutions to financial services skills gaps

New research into the main gaps and weaknesses in workforce development in financial services shows that employers’ major priorities are the need for more skilled entry-level staff, significant managerial and leadership skills gaps and the need for smaller businesses to get more involved in training.

Further information
Press Release
06.08.07

Skills Council appoints new director of education

We're pleased to announce the appointment of Sam Rees-Adams as our new Director of Education.

The move is a promotion for Rees-Adams, formerly the FSSC’s Head of Education, who has been acting in the director’s role since June 2007. 

Press Release
02.08.07

TISA’s Vine-Lott to be first chair of National Skills Academy for Financial Services

Tony Vine-Lott, Director-General of the Tax Incentivised Savings Association (TISA), has been appointed as the first chair of the National Skills Academy for Financial Services.

Press Release
01.08.07

Skills Council appoints new board members

We have appointed two new members to our board. The two appointees, Director of Jupiter Unit Trust Managers Limited Paula Moore and founder and Managing Director of FS3 Ltd Mike Godfrey, join the Board from July 2007.

Press Release
25.07.07

Skills Council publishes skills review of UK wholesale financial services

Findings from a review of skills in the wholesale financial sector, that we carried out for Chancellor Gordon Brown’s High-Level Group on City Competitiveness, were published today (27 June 2007).

The report summary, Skills Review: UK Wholesale Financial Services, confirmed that this successful UK industry is highly dependent on a world-class workforce for its continued growth. However, it is vulnerable to increasing ongoing global competition to recruit talented people into wholesale financial services.

Press Release
Executive summary
27.06.07

Skills Council appoints new director of skills development

Sarah Thwaites, currently Manager, Industry Training at the Financial Services Authority, has now been appointed the new Director of Skills Development.

The new role is responsible for drawing together all aspects of our work with employers and developing industry solutions designed to meet employers’ needs in a fast-changing environment.

Press Release
25.06.07

Skills Council Launches consultation on new Securities and Derivatives advice standards

Approved persons who provide investment advice across the UK are being invited to give their views on new national occupational standards (NOS) for people advising on securities and derivatives.

We have involved industry practitioners such as CitiGroup and Kleinwort Benson along with professional bodies and trade associations in developing the standards, which describe the competencies and knowledge required by people in their jobs.  

Press Release
14.06.07

www.unbiased.co.uk and the Financial Services Skills Council deliver a database for Independent Financial Adviser (IFA) qualifications

In one of the most significant developments in its history, www.unbiased.co.uk, unveils a new simplified qualifications search.   Working closely with the FSSC, Unbiased.co.uk has devised a simple two-tier ranking for the 39 different IFA incremental qualifications/designations from eight different awarding bodies. 

Press Release
08.06.07

Skills Council announces first institution to meet appropriate exam standards for managing investments 

UK Society of Investment Professionals (UKSIP) is the first institution to successfully submit a qualification to meet the appropriate exam standards for managing investments.

Press release
21.05.07

Pensions practitioners across the UK are being invited to give their views on new national occupational standards (NOS) for people working in pensions.

We've been working with pensions industry practitioners such as Legal and General, Fidelity and Aegon-Scottish Equitable, and liaising with The Pensions Regulator, to develop the standards, which describe the competencies and knowledge required by people in their jobs. 

Further information
Press Release
15.05.07

Ed Balls and Phil Hope launch new National Skills Academy for Financial Services

Pilot-year students, training providers and leading financial services employers joined together to demonstrate their support at the launch of the National Skills Academy for Financial Services, hosted by Economic Secretary Ed Balls and Skills Minister Phil Hope.

Press Release
11.05.07

Eukleia Training awarded Accreditation of Training Excellence forProviders by Skills Council

Eukleia Training Limited, the specialist compliance training provider, has been awarded the Accreditation of Training Excellence for Providers by the FSSC.

Press Release
16.04.07

Press Release
19.03.07