The Financial Services Skills Council is launching a month-long consultation from tomorrow (Wednesday 9th Feb) to redesign education standards for retail financial services providers.
According to the FSSC, new standards will cover banking, building society operations, general insurance, insurance broking and investment administration to clarify competences relevant to different professions, as well as simplify the existing system, given reform of the regulatory system over recent years.
In particular, the FSSC intends to try and do what has been attempted with the financial intermediary sector integrate standards under a single framework.
Differing standards will be categorised into “clusters” where there is a common function such as sales, says the FSSC, while underwriting would be listed as a separate cluster, to try and make them easier to understand and relevant to particular job requirements.
Revised consultation proposals will then be published by June 2005, to fit into the national vocational qualifications (NVQ) framework.IFAonline
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