National Skills Academy for Financial Services (NSAFS)

The National Skills Academy for Financial Services in Brief:

The National Skills Academy for Financial Services (NSAFS) is an independent employer-led, charitable organisation which is a leading body for training and development in the financial services industry.

The National Skills Academy (NSA) network was launched in October 2006 with the NSAFS as one of the first four Skills Academies to be created by the UK government. The national launch of the NSAFS took place in May 2007. Since 2007, the NSAFS has worked on tackling the skills challenges in the financial sector and has expanded its network of accredited training providers to broaden its national coverage.

The NSAFS supply a wide range of online and offline Financial Services related training and consulting.

Tags

Financial Services Training, Mortgages, Anti Money Laundering, Terrorist Financing, TCF, Treating Customers Fairly, Retirement, Pensions, Savings, Investments, Accuracy, Insurance, Protection

Company Description: The NSAFS is an educational charity that provides a standard for excellence in training and development for the financial services industry. With the industry, for the industry By working in partnership with our network of accredited training providers we aim to develop a workforce with the knowledge and skills they need to match the best in the world. Our network of high-quality training providers work in regions of the UK where financial services companies have formed strong clusters of activity. Our work with employers, whether they are large, small, wholesale or retail, spans across the whole of the financial services industry to develop education and skills training. This ensures that: employers’ needs are reflected employers are involved in the governance of the NSAFS employers help to set training standards employers have an influence on the strategic direction of the NSAFS

In return, as customers of the NSAFS, employers see the benefits of a well-educated, highly-skilled workforce that delivers real improvements to a business’ bottom line.

Commission Levels:

Affiliates will earn 20% on sales conversions.

Tracking Cookie:

60 days.

Pay Per Click (PPC) Policy:

Affiliates may engage in PPC activity with the use of landing pages & generic terms. PPC activity is however subject to the following restrictions:

• We do not allow bidding on our brand name or names, including brand name abbreviations or confusingly similar terms. This includes alternative spellings, variations and misspellings.
• We do not allow bidding on our domain name or names, including domain name abbreviations or confusingly similar terms. This includes alternative spellings, variations and misspellings.
• We request you do not bid on our competitors’ brand names or associate any linking of our brand to theirs.

Note: affiliates who do not adhere to our PPC policy will be removed from the CourseIndex.com system.

The NSAFS is:

• increasing the numbers of skilled people going into the financial services sector
• improving training for existing employees
• making training more relevant to business needs
• providing real business benefits for employers in financial services

In the current climate of an economic downturn, it is all the more important to make sure that the financial services workforce has the right knowledge and skills to do their jobs.

Protecting talent and ‘upskilling’ are key elements for firms that want to gain a competitive advantage. The NSAFS can ensure that the existing workforce and new talent who are currently in training will have the right skills for the future.

Example Creatives:

Courses Offered in Brief:

Financial Services - Regulation Programmes

• Anti-Money Laundering & Terrorist Financing
• Treating Customers Fairly

Financial Services - Induction Programmes

• Introduction to Retirement
• Introduction to Protection
• Introduction to Savings & Investment
• Introduction to Mortgages
• Common Topics

Financial Services - Accuracy Programmes

• Right First Time

Other Programmes or Services

• Navigator - Business Diagnostic Tool

Course Descriptions:

Anti-Money Laundering

All financial services firms are subject to a regulatory requirement to reduce financial crime. This a legal responsibility given them by the Financial Services Authority (FSA).

This short online programme helps employers provide their employees with the knowledge and understanding they need to protect their business and customers from becoming victims of financial crime such as money laundering and terrorist financing.

• how to launder money – the three stages: integration, placement and layering
• what suspicious activity is and the rules and regulations which need to be bypassed
• money laundering and insurance products
• recognising suspicious documents
• how money laundering is tied up with financing terrorism
• rules and regulations including the Money Laundering Regulations 2007 and the FSA process
• role of the regulator
• topics covered include corruption and retrieving funds
• customer due diligence is explained
• customer identification, business and sources of wealth
• when to use other financial firms such as insurance firms and using insurance products to launder money
• offences and penalties
• obligations and responsibilities of employees in a financial firm
• consequences for a firm including reputational damage

Treating Customers Fairly

The Financial Services Authority (FSA) requires financial services firms which are directly involved with retail clients to be able to demonstrate that they treat their customers fairly.

This programme supports firms in demonstrating their commitment to Treating Customers Fairly (TCF). It is also an opportunity to demonstrate customer focus and to raise the profile of customers internally.

This course includes study on topics such as:

• Introduction to TCF
• Six consumer outcomes (Culture, Product design, Communication, Advice, Product and service expectations and standards, Post sales barriers)
• What TCF is and what TCF is not.
• Why TCF is necessary
• How the Financial Services Authority monitors TCF
• How TCF affects different aspects of the business such as leadership, strategy, decision making, controls, recruitment, training, competency and reward.

Introduction to Retirement

Introduction to Retirement can be taken as part of the wider Introduction to Products Series, which also covers Protection, Mortgages, and Savings and Investment.

It is ideal for new recruits to a firm to give them an introduction to retirement products and their uses.

Introduction to Retirement consists of seven main lessons on:

• Retirement market
• State provisions
• Eligibility and allowances
• Individual pension arrangements
• Occupational pensions
• Retirement benefits
• Rules and regulations

Topics include:

• Stages of pension arrangements – savings and benefits
• Advantages of paying into a company scheme
• SERPS
• State Second Pension
• Contracting out
• State Pension Credit Act 2002
• Eligibility and allowances
• Annuities
• Death benefits
• Phase retirement
• Defined benefits
• Triviality

Introduction to Protection

Introduction to Protection can be taken as part of the wider Introduction to Products series, which also covers Retirement, Mortgages, and Savings and Investment.

It is ideal for new entrants to a firm to give them an introduction to protection products and their uses.

Introduction to Protection consists of three main lessons:

• Types of protection
• Illness
• Redundancy
• Protection products
• Rules and regulations

Topics include:

• Protection needs and considerations
• Types of protection – individual
• What protection means and does not mean
• Income protection for dependents concerning death
• Income protection following accidents/sickness
• Income protection following redundancy
• Business protection
• State provision
• Protection products
• Features and benefits of term assurance
• Life policies – four types explained, their purposes and benefits
• Types of investment fund options
• Term assurance – six types explained, their purposes and benefits
• Rules and regulations
• Tax treatment – qualifying criteria, tax consequences
• Legislation
• Trusts – control and purpose of trusts used with protection products

Introduction to Savings and Investments

Introduction to Savings and Investments can be taken as part of the wider Introduction to Products series, which also covers Protection, Retirement, and Mortgages.

It is ideal for new entrants to a firm to give them an induction into savings and investment products and their uses.

Introduction to Savings and Investment consists of five main lessons on:

• Investment products
• Endowments
• ISAs
• Trusts and investments
• Legislation and taxation

Topics include:

• Differences between savings and investments explained
• Influential factors in choosing investment products
• Categories of funds – pooled and segregated
• Key features of investment products
• Endowments – options, bonuses, trading in, underwriting
• Tax benefits of ISAs
• Trusts – setting up and tax implications
• Rules and regulations set out including basic legislation, government acts and Money Laundering Regulations 2007
• Tax advantages and disadvantages of each savings and investment types

Introduction to Mortgages

Introduction to Mortgages can be taken as part of the wider Introduction to Products Series, which also covers Protection, Retirement, and Savings and Investment.

It is ideal for new recruits to a firm to give them an introduction into mortgage products and their uses.

Introduction to Mortgages consists of six main lessons on:

• Overview of mortgages - the different types of mortgages available and how they work
• Repayment mortgages – how they work and different options
• Endowments – features
• Interest only: Pension & ISAs
• Protecting payments – income and critical/serious illness cover
• Regulation of mortgages – who regulates, what it is and why

Topics include:

• How mortgages can be used to accumulate capital and why
• Features of term assurance
• Decreasing and level terms
• Role of main industry bodies in regulation of mortgages
• Risk

Common Topics

This programme draws out the common topics within the Introduction to Products Series, which includes modules on Protection, Retirement, Mortgages and Savings and Investment.

Common Topics is a short online programme which is ideal for new employees in a firm as it provides a strong foundation on which to build their knowledge.

The programme is structured around four key areas:

• Investment options: risk and return, investment routes, investment types and funds
• Underwriting: how morbidity and mortality affect premiums, and the considerations which the underwriting process looks at
• How products are sold: the two main distribution channels - financial advisers and direct marketing
• How products are charged and paid for: the different types of commission, fees and charges associated with selling and servicing a product, and the three stages of a product lifecycle to which they can be applied

Topics include:

• Underwriting; what it is and how it is done
• Morbidity and mortality
• Investment options; the relationship between risk and return, the risk associated with different investment types and a guide to funds
• Distribution channels; how financial products are sold
• Charges and fees; how companies make their money from the sale and servicing of financial products, and how financial advisers are paid for their services
• Setting up charges and maintaining a charging system

Right First Time

The overall aims of the programme are to:

• improve accuracy at work – reducing time spent on correcting mistakes and reducing customer complaints
• enhance the customer experience through improved service

This programme is suitable for anyone in a customer service role as well as many other functions within financial services firms where accuracy is paramount.

Learners are presented with a number of tools and techniques to help improve their ability to transpose data accurately, recognise common data patterns and identify accuracy errors.

Activities include:

• concentration techniques – "in the zone"
• transferring data – accurately and within a time limit
• recognising patterns
• entering names and addresses
• inserting text
• inserting numerical data
• identifying accuracy errors
• customer reaction to error

Topics include:

• How we deal with visual data
• Concentration techniques
• Observation powers and attention to detail

Tips are given to provide learners with ways of ensuring that they get things right first time. For example, ideas for checking for errors such as scanning, self checking and breaking large numbers down into smaller units.

How to become a NSAFS Affiliate

To join the NSAFS system in order to resell their Financial Services courses, just click this link...

More Information and Resources

The National Skills Academy for Financial Services website is at www.nsafs-link.co.uk and the main corporate site is at www.nsafs.co.uk. Both websites contain a wealth of information on the courses themselves with far more detailed topic information. There are also plenty of screen shots of many of the training courses themselves.

[Return to top of page]