New, employer-developed apprenticeship in financial services now available.
The financial services sector is set to benefit from its first new apprenticeship to be directly shaped by employers.
A new, Modern Apprenticeship in Providing Financial Services has been created – the first in the sector to go through the new system for apprenticeship development, which puts employers at the heart of the process.
It was developed by employers from a wide range of institutions within the financial services industry as well as professional bodies, learning providers and qualifications bodies, trade unions and apprentices themselves.
The new Providing Financial Services framework replaces two previous apprenticeships and has refreshed and modernised them, creating one single apprenticeship developed by employers to meet the needs of the financial services industry.
It now combines competence in customer service with role-specific financial knowledge and understanding, achieved through professional qualifications. The apprenticeship is designed to support entry-level roles across the financial services sector, including in banks, building societies and insurance organisations.
Lynn Reid, People Development Team Leader and Apprenticeship Lead for Scotland at AXA Insurance helped lead on the creation of the apprenticeship as Chair of its Technical Expert Group – a group of industry experts who shape a new apprenticeship through their knowledge of the skills and behaviours that are required from an employee within the sector. Lynn said:
““Although this process is relatively new, it is clear to me that having input from industry is important, no matter which sector you are in. By being part of a technical expert group, employers were able to tailor the apprenticeship to the demands of the sector and provide industry insight to strengthen the programme. Alongside employers, we had representation from trade unions and education and professional bodies, ensuring that inputs were heard from those who can reflect the real-life activities of the workplace and the occupation. Having been involved in the end-to-end process, I am confident that the new apprenticeship will be a good fit for organisations providing financial services.””
The new, employer-led approach to apprenticeship development involves three main forms of employer and employee collaboration - employee workshops, technical expert groups (TEGs), and general consultation. This method allows employers and employees to engage in the process and create an apprenticeship based upon the realities of the workplace.
It also ensures ‘meta-skills’ – ‘timeless’, transferable skills that create adaptive learners and complement technical knowledge and behaviours – are part of this.
The apprenticeship is now available online via www.apprenticeships.scot
