Financial Services Administrator Apprenticeship

Role / Occupation: 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 Services 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.

Information for Applicants

What knowledge and skills are covered?

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.

Regulation and 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 and processes

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

General

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

Typical Activities that may be carried out by, but are not exclusive to this role include:

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

What award will I achieve?

This apprenticeship provides the first step on the pathway to professional membership of the Chartered Insurance Institute, IFS University College (Institute of Financial Services), Chartered Institute of Securities and Investment.

What are the entry requirements?

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

How often do I have to attend college?

Training will take place in workplace with no college attendance required.

How will I be assessed?

Assessments will be carried out by the Line Manager and the assessor. Regular monthly meetings to discuss progress with the apprentice, provide feedback and guidance. Help understand the learning journey; ensuring opportunities and process working and gaps are filled.

Final Assessment:

Apprentice being able to prove their competence in the role as Financial Services Administrator through the work they have done including demonstrating competence in 28 defined learning outcomes – Assessment will be a work based project, a portfolio of recent evidence demonstrating competence and a Panel Interview.

What can I do next?

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

Information for Employers

How is my business going to benefit from an Apprentice?

How is my business going to benefit from a Financial Services Administrator Apprentice?

Regardless of whether you are large or small employer, a CI Apprentice will benefit your business in several ways:

They will have been trained and assessed against a wide range of specially targeted technical skills that can help you maintain an effective business; and be able to deal a wide range of routine and non-routine problems.

Attention will have been also paid to developing their behavioural, thinking, team working and communication skills to ensure that the apprentice is able to contribute effectively in the modern workplace.

Once they have started their programme, the apprentice will require mentoring and help in satisfying the requirements for endpoint assessment. This will involve: assisting the apprentice in assembling the portfolio to ensure that it meets the entire standard and is to a good quality.

The final assessment process which is both independent and broad based will ensure that only apprentices that have shown genuine learning and competence across all areas, both technical and behavioural, will have been successful. They will also be graded on their performance adding to the motivation level and will encourage the apprentices to strive for excellence.

What we offer as a company?

  • Monthly face to face visits
  • Online knowledge with access to videos to support
  • Assessors with over 30 years of national and international industry experience
  • Enrichment days and college days to enhance skills if needed
  • Digital portfolios
  • Interview techniques
  • Functional skills teachers based within the college

What will this cost my business?

Since April 2017 the way that government funds apprenticeships in England has changed. All businesses operating within the UK with a wage bill of over £3 million are required to contribute to the apprenticeship levy monthly via HMRC.

  • If the levy applies to your business you will be required to pay 0.5% of your entire wage bill into the levy. This will be offset against a levy allowance worth £15,000 for each tax year
  • You will only be able to use your levy payment for government backed apprenticeships through providers who are registered on the Register of Apprenticeship Training Providers
  • Levy payments will expire after 18 months.

From April 2017 all existing apprenticeship frameworks and new apprenticeship standards (often referred to as trailblazer standards) will be allocated to Government funding bands.

Funding bands determine the maximum amount of money that Government will contribute for the training delivery and end-point assessment of each apprenticeship. All approved apprenticeship standards have already been allocated to funding bandings with maximum funding caps.

If you take on an apprentice who is between 16 and 18 years old at the start of their apprenticeship, you will receive a payment to help meet the extra costs of employing them. This will be paid to you through the training provider in two £500 instalments at 3 months and 12 months  if the apprentice continues in learning beyond this point.

Non-levy paying employers will need to contribute 10% of the maximum funding band as published by the Skills Funding Agency for the delivery of training and assessment for their apprenticeship. Levy paying employers will pay the full cost of the agreed funding band using their Digital Apprenticeship account. Where there are no longer funds in this digital account the Government will co-invest 90% of the funding with the levy paying employer being the asked to contribute the remaining 10% on a monthly basis.

Levy paying employers can estimate their funding contributions through the use of the free Funding Apprenticeship Systems calculating tool.

The agreed funds will be taken from the employer’s digital account to pay the training provider, up to a maximum amount of funding allocated by Government to that particular apprenticeship.

For non-levy paying employers the Digital Apprenticeship Service will not be available until at least 2018. They will need to discuss and agree a price with their training provider.

Does the apprentice have to attend college?

Training will take place in workplace with no college attendance required.

How is the apprentice assessed?

Assessments will be carried out by the Line Manager and the assessor. Regular monthly meetings to discuss progress with the apprentice, provide feedback and guidance. Help understand the learning journey; ensuring opportunities and process working and gaps are filled.

Final Assessment:

Apprentice being able to prove their competence in the role as Financial Services Administrator through the work they have done including demonstrating competence in 28 defined learning outcomes – Assessment will be a work based project, a portfolio of recent evidence demonstrating competence and a Panel Interview.

What about support in the workplace?

Skilled and knowledgeable staff must be available to support the apprentice as they complete work-based tasks.

Why should I choose Colchester Institute to support my recruitment and retention?

Apprenticeships – What we can offer

Colchester Institute is the largest college provider of apprenticeships in Greater Essex. We are expert at connecting the right people, to the right training, to the right business and when it comes to Apprenticeships, our Apprenticeship Advisors can support your business every step of the way.

As part of our service we can support your business with:

  • Advertising the Apprenticeship vacancy
  • Manage the applications received in line with your individual requirements
  • Match prospective candidates already known to us
  • Conduct initial pre-screening for candidates
  • Carry out visits to your premises alongside regular reviews to support you, your staff and your apprentice
  • Advice on any grants or funding where available

Our team will provide:

  • A fee free recruitment service.
  • Personal 1:1 Apprenticeship Levy advice and guidance.
  • A dedicated Account Manager.
  • Industry experienced, professional, technical tutors.
  • Bespoke programmes available upon request.
  • An Essex priority skills focus.
  • Free employer events.

Apprenticeship Reform Events

Financial Services Administrator Apprenticeship
LevelLevel 3
LocationColchester
DurationTypically 12 - 18 months
CampusColchester Institute
Start DateStarting employment as an apprentice can occur throughout the year however the start-date for attending college for training, where required, will be communicated post-employment and sign-up
Apprenticeship Funding Band (Levy paying employers)£12,000
Employer Contribution Fee (Non-levy paying employers)£1,200
What will this cost my Business?

Non-levy paying employers will need to contribute 10% of the maximum funding band as published by the Skills Funding Agency for the delivery of training and assessment for their apprenticeship. Levy paying employers will pay the full cost of the agreed funding band using their Digital Apprenticeship account.

Apprenticeship Funding Bands

Apprenticeship Funding Bands
Employers with less than 50 employees who are recruiting an apprentice aged 16-18 years old will not be required to pay the contribution fee.
Any associated cost to the individual will be made clear at the interview.

Disclaimer

All Fees and prices shown on the website are for courses starting in the 2018-19 academic year unless stated otherwise, and are correct at the time of entering/printing information, however these may be subject to change. The College cannot accept legal or financial liability as a result of any such changes.

The course information describes programmes offered by Colchester Institute. The College takes all reasonable steps to provide courses as described, but cannot guarantee provision. The information is for guidance and does not form any part of a contract.

The College reserves the right to update and amend information as and when necessary. Colchester Institute will do its best to provide the courses shown, but may have to modify or withdraw a course depending on customer demand and other factors.