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Financial services administrator

Financial services administrator

Key information

Reference: ST0177
Date updated: 24/08/2022
Level: 3
Route: Legal, finance and accounting
Regulated occupation: No

Details of the occupational standard

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Occupation summary

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 Overview: 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.

Typical job titles include:

finance worker

KSBs

Knowledge

K1: 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 Back to Duty

K2: Regulatory & compliance: Understands the Financial Services regulatory framework, the ethics & key principles of the advice process Back to Duty

K3: Products: Understands the purpose & technical content of the financial services products & services provided Back to Duty

K4: Systems & processes: Understands all systems & processes required to deliver the role outcomes & has awareness of how these fit within the wider company & industry Back to Duty

Skills

S1: 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 Back to Duty

S2: Customer communication & relationships: Develops effective relationships with customers & key contacts, handling & resolving issues through effective verbal/written/IT skills. Back to Duty

S3: Team working & collaboration: Understands role within team & impact on others. Consistently endeavours to support colleagues & collaborate to achieve results Back to Duty

S4: Planning & prioritising: Consistently adheres to systems & processes using proficient IT skills, including risk, regulatory and governance requirements Back to Duty

Behaviours

B1: Honesty and Integrity: Truthful, sincere in their actions and doing the right thing (even when not the easiest) Back to Duty

B2: Adaptability: Willingness to accept changing priorities and work patterns when new jobs need to be done, or requirements change Back to Duty

B3: Enthusiasm: Shows drive and energy in their work, when things are going well and when challenges arise Back to Duty

B4: Dependability: Meets personal commitments and expectations, eg completing work, timekeeping Back to Duty

B5: Personal commitment: Proactive in their own development; commitment to the job and the industry Back to Duty

T Level in finance

Qualification type: T Level

Qualification level: 3

Awarding organisation: Pearson

Approval date: 16/09/2021

Available from: 01/09/2022

Occupational specialism: Retail and commercial banking analyst

Product page

Aligned occupational standards

ST0182 Mortgage adviser

ST0177 Financial services administrator

ST0185 Financial services customer adviser

ST0185 Senior financial services customer adviser

Options: Team leadership

ST0175 Advanced credit controller and debt collection specialist

Options: Advance Collections , Credit Risk , Enforcement and Recovery

End-point assessment (EPA plan)

Rigorous robust and independent assessment undertaken by an apprentice at the end of training to test that the apprentice can perform in the occupation they have been trained in and can demonstrate the duties, and knowledge, skills and behaviours (KSBs) set out in the occupational standard

End-point assessment organisation (EPAO)

An organisation approved to deliver end-point assessment for a particular apprenticeship standard. EPAOs must be on the register of end-point assessment organisations

Holistic or synoptic

Assessment of an apprentice’s knowledge, skills and behaviours in an integrated way i.e. assessing several KSBs at the same time

Knowledge, skills and behaviours (KSB)

What is needed to competently undertake the duties required for an occupational standard

Valid

Referred to in relation to assessment methods; fit for purpose

Change request policy

Most changes to an apprenticeship are made as a result of a holistic review of it. We prioritise the need for such reviews based on a range of factors. These include:

the time since the apprenticeship was developed or last reviewed (taking account of its typical duration)
the existence of any known problems with it (e.g. lower than expected starts, low achievement rate, high withdrawal rate, any issues with the availability of training or end-point assessment provision)
whether the apprenticeship is currently subject to a dispensation
the relative significance of the apprenticeship based on how many users it has

The availability of an employer group to support a review and its potential impact on any related technical education product also inform the timing of a review.

Details of apprenticeships that are currently being revised or adjusted are available in our revisions and adjustments status report.

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