Financial Services Skills Council framework to be used in Scotland

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A new Modern Apprenticeship Framework in Providing Financial Services, developed by the Financial Services Skills Council (FSSC), has been approved for use in Scotland.

The FSSC decided to include Financial Advice, Banking and Investment Administration, and Insurance within a single Modern Apprenticeship framework, following feedback from employers that employees would like the option of a “financial services” certificate. The move should also increase the number of learners for this area of Modern Apprenticeships in Scotland. The new framework follows the development by the FSSC of new National Occupational Standards (NOS) in these areas, and replaces earlier frameworks in Providing Financial Services (Banks and Building Societies) and Insurance.

Modern Apprenticeships offer people aged over 16 a combination of paid employment, the opportunity to train for jobs at a range of levels in financial services, and Scottish/National Vocational Qualifications at Level 3.

“Even assuming a sharp downturn in financial services activity, the industry in Scotland will need to attract 6,600 new entrants per year until 2011 ““ and this number could rise to more than 9,000 under more benign market conditions,” said FSSC Director of Education Sam Rees-Adams. “Initiatives such as the Modern Apprenticeship Framework in Providing Financial Services can help to deliver the skills needed to deliver this growth. It’s also a particularly good example of the FSSC working very closely with employers to deliver what they think will best fit industry needs in Scotland.”

Last year’s FSSC Sector Skills Agreement research into skills needs in Scotland showed employers calling for a better understanding of financial services and more work-readiness amongst new entrants, as well as clearer career paths into the industry.

The new framework has been approved by Sector Skills Alliance Scotland’s (SSAScot’s) Modern Apprenticeship Group and is one of more than 70 Modern Apprentice frameworks in Scotland. For more information visit www.fssc.org.uk.