The Financial Services industry encompasses a broad range of businesses that manage, or consult on around managing money. These include retail and corporate banking, investment management, investment consulting, investment banking, mortgages, and life and pensions.
It is pleasing to announce that the financial services professional standard has been approved for delivery. The apprenticeship is an exciting initiative that enables individuals to become highly competent professionals for the pensions industry by completing a base of core knowledge and choosing a set of specialist options that provides them with the occupationally specific competence e.g. workplace pensions.
The specific workplace pensions option is aimed at those positioned within specialist workplace pensions businesses, or, in-house teams who are responsible for managing the workplace pension scheme of the organisation. Typical job titles of the individuals that would be trained by this route are: pensions consultant, pensions manager, senior pensions administrator, and administration manager.
These roles usually provide support to clients/customers on an administrative or consultancy basis within the very complex world of workplace pensions. In particular, the roles require a sound understanding of both the general principles and structures of workplace pension schemes, together with the specifics for their clients/customers, as much variation is possible between clients/customers.
The standard tests a range of core knowledge, skills and behaviours. Apprentices must form a deep understanding of the structure of the financial services industry, the regulatory framework, the purpose that their organisation plays in the financial services industry, and how their function in particular relates to their organisation’s wider business.
Apprentices are expected to understand the system and processes that they work within, products and services that they offer and to know the types of customers that their organisation communicates and interacts with on a regular basis.
The financial services professional standard is a level six apprenticeship
The length of the apprenticeship is typically 36-42 months
Apprentices without level 2 English and Maths will need to achieve this level prior to taking the end point assessment
Workplace pensions apprentices are required to take the advanced diploma in retirement provision
The portfolio of work that is tested by the end point assessment interview will include a range of types of evidence including reflective learning. The portfolio will be created throughout the apprenticeship
On completion of the workplace pensions apprenticeship, the apprentice will be able to become an APMI professional member of the Pensions Management Institute