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Update: Financial Services

Update: Financial Services. In-Country EV Training May 2012 Workshop A. Reasons for changes to HND Financial Services. Ensure focus and content relevant to the Financial Services industry post 2008 Use less specific wording in Units to allow for content changes due to Industry changes

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Update: Financial Services

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  1. Update: Financial Services In-Country EV Training May 2012 Workshop A

  2. Reasons for changes to HND Financial Services • Ensure focus and content relevant to the Financial Services industry post 2008 • Use less specific wording in Units to allow for content changes due to Industry changes • Adjust order of delivery

  3. Summary of Changes • Changes to the content of several Units • Changes to the recommended framework structure

  4. Units which have changed • Personal Financial Services • Personal and Commercial Lending (now Personal and Business Lending) • Pension Provision • Financial Services Regulatory Framework • Financial Services Graded Units 1, 2 and 3

  5. Personal Financial Services • Unit is about Personal services • Terminology has been updated

  6. Personal Financial Services Outcome 1-3 • Emphasis is on product features & use by personal customers - Need to demonstrate skills in comparing personal financial products Outcome 4 • Overlap with Financial Services Regulatory Framework removed, content re complaint handling added • Assessment – restriction on notes allowed for assessment

  7. Personal and Business Lending • Unit has been refocused. Focus is on developing understanding of lending to personal customers and small and medium sized enterprises (SMEs). • Students should be studying lending for mainstream customers and associated lending products • Products covered have been updated

  8. Personal and Business Lending • Outcome 1,2, 3 and 4 reworded & updated • Evidence requirements consolidated and updated • Supporting notes updated • Assessment Guidelines changed

  9. Pension Provision • Unit has been refocused • Terminology has been updated

  10. Pension Provision • Outcomes 1, 2, 4 - been reworded but content is the same • Outcome 3 reworded but similar in content • Supporting Notes have been simplified • Assessment Guidelines Candidates restricted to bringing 2 A4 sides of notes

  11. Financial Services Regulatory Framework • Unit has been refocused . • Detail has been reduced • Terminology has been updated   • As the UK Regulatory Framework is in the course of restructure, some adjustment to wording has been made to ensure content remains valid when the new framework is finally announced. Tutors will have to stay abreast of these changes • Support notes have been developed to assist centres in the preparation of students for this Unit.

  12. Financial Services Regulatory Framework • Outcome 1, 2 & 3 Wording change • Evidence requirements have been reworded. • Outcome 3 • The learning outcome has been reworded to reflect the wider customer focus of the content of the evidence requirement. • Evidence requirements have been amended to reflect the increased focus on customer issues by the regulators. • Assessment Guidelines – no changes

  13. Financial Services Graded Unit 1 • Project now includes an additional requirement to analyse the latest trends in the provision of customer service in the financial services sector thereby incorporating coverage of Creating a Culture of Customer Care within the Graded Unit

  14. Financial Services Graded Unit 2 • Income Tax now added • Emphasis on Investment has been reduced • The balance of coverage of content within the examination is now as follows: • Income Tax 20-30% (previously not covered) • Investment 10-20% (previously 30-40%) • Pension Provision 20-30% (no change) • Principles of Insurance 20-30% (no change) • Regulatory Framework 10-20% (no change)

  15. Financial Services Graded Unit 3 • The focus of the project has been changed – students must study 2 Financial Services organisations and their track performance against a Stock Exchange index • Emphasis on data gathering has been reduced • Focus of analysis has been broadened • The requirement to analyse the impact of stakeholder group expectations on one of the financial services organisations being reviewed is added.

  16. Framework Change Rationale • To teach associated subjects in proximity to each other • Remove Graded Unit content straddling two years Revised order of subjects • Principles of Insurance becomes a Year 2 subject • Both IT Units or alternatively both Economics Units become Year 1 subjects

  17. Other comments Content • This is a fast moving subject and students need to be exposed to up to date information Assessments • New assessment exemplars exist • When Centres are devising assessments for reassessment/use in subsequent years there has to be sufficient change from the exemplars • Where existing exemplars are being used student responses should reflect the answer that would be correct today • Assessment guidelines have to be clear – would everyone understand what is acceptable or not?

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