A temporary dispensation has been applied to the Financial Services Administrator version AP01 for this apprenticeship. The dispensation will last from 1st September 2022 to 30th April 2025 but may be withdrawn if the standard is revised sooner or the dispensation is no longer necessary.
The key changes are:
The Certificate in Insurance from the Chartered Insurance Institute (CII) has been added to the current mandated qualifications
This apprenticeship is in the process of being revised. In the meantime, the version below remains approved for delivery. Further details of this and other occupational standards and apprenticeships in revision are available in the revisions status report.
Providing administrative support to a financial organisation, to provide a high quality and compliant service.
Financial Services Administrator (Adviser firm or Network)
‘Adviser Firm’: An SME business providing regulated financial planning / mortgage / insurance advice
‘Network ’: An umbrella company providing support services to groups of Financial Adviser Firms
The Financial Advice market consists of c19000 SME businesses split approximately 75% financial advice, 25% mortgage advice. These SME businesses are supported by umbrella organisations known as networks who provide a range of support services to the individual businesses including technology, compliance, technical & consultancy support. Due to recent changes, more administrative support is required by firms in order to provide an efficient, high quality and compliant service to their clients. The Financial Administrator standard responds to this demand whilst also providing an ideal entry point for a career in the sector, with progression routes leading to a number of roles with full professional qualifications.
Typical activities that this role might carry out are listed overleaf.
|
Knowledge |
What is required |
|---|---|
|
Financial Services market |
Broad understanding of the structure of the Financial Services market, including the role of the financial adviser & product providers, customer outcomes, support services & platforms |
|
Regulatory & compliance |
Understands the Financial Services regulatory framework, the ethics & key principles of the advice process |
|
Products |
Understands the purpose & technical content of the financial services products & services provided |
|
Systems & processes |
Understands all systems & processes required to deliver the role outcomes & has awareness of how these fit within the wider company & industry |
|
Skills |
What is required |
|---|---|
|
Quality service delivery |
Consistently develops and delivers excellent service to customers, colleagues & advisers, supporting the products / services provided and adhering to ‘Treating Customers Fairly’ principles at all times |
|
Customer communication & relationships |
Develops effective relationships with customers & key contacts, handling & resolving issues through effective verbal/written/IT skills. |
|
Team working & collaboration |
Understands role within team & impact on others. Consistently endeavours to support colleagues & collaborate to achieve results |
|
Planning & prioritising |
Successfully analyses and plans in order to deliver good outcomes for the business. |
|
Using systems & processes |
Consistently adheres to systems & processes using proficient IT skills, including risk, regulatory and governance requirements |
|
Behaviours |
What is required |
|---|---|
|
Honesty and Integrity |
Truthful, sincere in their actions and doing the right thing (even when not the easiest) |
|
Adaptability |
Willingness to accept changing priorities and work patterns when new jobs need to be done, or requirements change |
|
Enthusiasm |
Shows drive and energy in their work, when things are going well and when challenges arise |
|
Dependability |
Meets personal commitments and expectations, eg completing work, timekeeping |
|
Personal commitment |
Proactive in their own development; commitment to the job and the industry |
Providing general office administrative support including filing/scanning/photocopying, banking/post/franking, processing premium payments, answering the telephone, note/message taking
Maintain customer / policy records through the customer management system and associated IT solutions Support the account handling team in delivering a full customer service proposition in a professional, timely and efficient manner including new business, mid-term adjustments and renewals. Transact with insurers and customers accordingly.
Communicate all information necessary to ensure customers are fully aware that their needs have been met and contract certainty achieved.
Manage instalment and credit provisions for customers.
Ensuring that formal complaints /potential formal complaints are referred immediately to Managing Director
Ensuring that all compliance procedures are adhered to on a day to day basis. Ensure customer files are complete in accordance with procedures.
Manage new and existing claims and complete any claims analysis as is necessary, working with the Claims
Department
The apprenticeship will typically take 12 – 18 months to complete
Individual employers will set the selection criteria for their Apprenticeships. Most candidates will have Level 2 Maths
and English, ideally as part of 5 GCSE A-C grades. Other relevant or prior experience may also be considered as an alternative. Employers who recruit candidates without English or Maths at Grade C or above must ensure that the candidate achieves this standard prior to the completion of the Apprenticeship.
This is an entry level role which provides the foundation knowledge skills & experience for progression into a
number of career paths including Senior Administrator, Paraplanner, Financial Adviser or Mortgage Adviser.
Professional qualifications within this apprenticeship are listed below – one of:
UK financial services, regulation & ethics (CF1) – Chartered Insurance Institute (CII) CII Certificate in Insurance - Chartered Insurance Institute (CII) UK financial regulation (UKFR) – The London Institute of Banking & Finance (LIBF) - Financial Services regulation and Ethics - Chartered Bankers Institute (CB)
Introduction to Securities and Investment; UK financial regulation; Administration of settlements and investments – Chartered Institute for Securities and Investments (CISI)
In addition, the role may require completion of an exam specific to the line of business worked in eg Life, Pensions, General Insurance, Investments, Long Term Care. These are typically provided by the CII, LIBF and CISI.
Alternatively where employers feel that there is evidence of higher academic aptitude, the apprentice could opt for a more demanding higher level qualification that would enable fast tracking through the progression routes available on completion of this apprenticeship.
Financial services, regulation and ethics (RO1) – CII Financial services, regulation and ethics (FSRE) The London Institute of Banking & Finance (LIBF).
This apprenticeship provides the first step on the pathway to professional membership of the Chartered Insurance
Institute, The London Institute of Banking & Finance (LIBF) , Chartered Institute of Securities and Investment.
Level 3
The apprenticeship should be reviewed after a maximum of 3 years.
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| Version | Change detail | Earliest start date | Latest start date |
|---|---|---|---|
| 1.0 | Approved for delivery | 12/11/2014 | Not set |