Retail Financial Services
Candidates must complete a total of 6 units which must include the 3 Core Competence units from Mandatory Group A, Financial Services Core Competences, plus at least two units from one of the Technical Options Groups B2, C2, D2, E2 and F2. One further unit must be selected from any Technical or Cross-sector Group from B2 to H2. Additional units may also be selected for completion from any of the Technical and Cross- sector groups at level 2, but this is not compulsory for the achievement of the Level 2 NVQ.
Mandatory Group A: Financial Services Core Competences
- CC1 Develop yourself to improve and maintain workplace competence in a financial services environment
- CC2 Plan and organise your work in a financial services environment
- CC4 Ensure your own compliance with financial services regulation
Technical Group B2: Bank Accounts Options
- BA1 Set up bank accounts for customers
- BA3 Authorise financial transactions using telecommunications
- BA4 Operate a sterling counter till
- BA5 Operate a multi-currency till
- GF1 Provide information to customers in a financial services environment
Technical Group C2: General Insurance Options
- IC1 Deal with straightforward new insurance claims notifications
- IC2 Settle straightforward insurance claims
- IC3 Deal with straightforward insured losses
- IC5 Deal with straightforward claims for uninsured losses
- II2 Either Advise customers as an insurance provider or
- GF1 Provide information to customers in a financial services environment
- II3 Process straightforward insurance business as an intermediary
- II4 Process straightforward insurance renewals as an intermediary
- II5 Process straightforward mid-term insurance amendments
- UW1 Underwrite straightforward new risks
- UW2 Process insurance policy documents and alterations
- UW3 Process straightforward insurance renewals
Technical Group D2: Long term Insurance Options
- LT1 Process new life, pensions and investment business quotations
- LT2 Alter contracts for long term insurance business
- LT3 Process claims against a long term insurance contract
- GF1 Provide information to customers in a financial services environment
Technical Group E2: Customer Payments for Financial Products and Services Options
- CP1 Process customer financial transactions
- CP2 Assess and use financial information to reconcile accounts
- CP3 Operate credit control procedures
- CP4 Prepare and pursue statements of account for financial products and services
- CP5 Operate payment by direct debit
- GF1 Provide information to customers in a financial services environment
Technical Group F2: Investment Administration Options
- IA10 Assess and use financial information to reconcile stakeholder investment accounts
- IA12 Process payments relating to stakeholder investment transactions or accounts
- IA14 Build effective relationships with clients in a financial services environment
- GF1 Provide information to customers in a financial services environment
Cross-sector Group G2: Financial Services Customer Care Options
- CS2 Deliver reliable customer service (ICS Unit 21)
- CS3 Resolve customer service problems (ICS Unit 31)
- CS9 Deal with customers by telephone (ICS Unit 17
Cross-sector Group H2: Financial Services Sales Process Options
- SP1 Develop your personal networks (MSC Unit A3)
- SP2 Generate and follow-up sales leads (MSSSB Unit 7.1)
- SP3 Sell products or services over the telephone (MSSSB Unit 7.3)
- SP4 Sell products or services face-to-face (MSSSB 7.2)
- SP5 Develop, implement and monitor sales call plans (MSSSB 2.8)
- SP6 Promote the organisation’s financial products and services
Candidates must complete a total of 7 units which must include the 3 Core Competence units from Mandatory Group A, Financial Services Core Competences, plus at least two units from one of the Technical Options Groups B3 – H3. Two further units must be selected from any Technical or Cross-sector Group B3 to L3. Additional units may also be selected for completion from any of the Technical and Cross-sector groups at levels 2 and 3, but this is not compulsory for the achievement of the Level 3 NVQ.
Group A: Financial Services Core Competences
- CC1 Develop yourself to improve and maintain workplace competence in a financial services environment
- CC3 Develop productive working relationships in a financial services environment
- CC4 Ensure your own compliance with financial services regulation
Technical Group B3: Bank Account Options
- BA2 Establish, monitor and maintain bank accounts for customers
- BA6 Manage branch counter services
- BA7 Supervise the administration of retail financial products and services
- BA8 Process the transfer of foreign currency
- GF1 Provide information to customers in a financial services environment
Technical Group C3: General Insurance Options
- IC4 Deal with complex claims for uninsured losses
- IC6 Deal with complex insured losses
- IC7 Carry out initial assessment and investigate complex insurance claims
- IC8 Settle complex insurance claims
- GF1 Provide information to customers in a financial services environment
- II1 Evaluate insurance products and services
- II6 Process complex new insurance business as an intermediary
- II7 Process complex insurance renewals as an intermediary
- II8 Process complex mid-term insurance amendments
- II9 Evaluate risk and advise other intermediaries
- UW4 Underwrite complex new risks
- UW5 Prepare insurance policy documentation for complex new business
- UW6 Process complex insurance policy alterations
- UW7 Process complex insurance renewals
- UW8 Review underwriting decisions to accept risks
Technical Group D3: Investment Administration Options
- IA1 Prepare and present investment market information to stakeholders
IA2 Establish and maintain investor details and records
IA3 Reconcile investment market transactions and investor accounts
IA4 Maintain the custody of assets on behalf of the investor
IA5 Arrange the settlement of investment transactions
IA6 Measure the performance of investments
IA7 Establish the price of assets and investments/units
IA8 Supervise investment administration systems and processes
IA9 Process Trades (Global Settlement)
IA11 Process corporate actions on behalf of investors
IA13 Deal with complaints relating to financial services products and services
IA15 Manage the business relationship with clients in a financial services environment
Technical Group E3: Lending and Credit Options
- LC1 Appraise and authorise personal borrowing applications
- LC2 Progress personal mortgage applications
- LC3 Charge and control securities for lending
- LC4 Advise on mortgage solutions
- LC5 Appraise business lending applications
- LC6 Authorise business lending
- LC7 Monitor and control borrowing
- LC8 Manage the quality of lending
- LC9 Review existing consumers’ financial arrangements and requirements
- LC10 Investigate arrears and recover debts
- GF1 Provide information to customers in a financial services environment
Technical Group F3: Long Term Insurance Options
- LT4 Authorise payments of claims against long term insurance contracts
- LT5 Authorise the alteration of existing long term insurance contracts
- LT6 Decide if applications for long term insurance are acceptable and rate them by technical underwriting
- LT7 Manage and develop the customer relationship to enhance the flow of financial services business
- GF1 Provide information to customers in a financial services environment
Technical Group G3: Pension Scheme Administration
- PSA1 Collate pension scheme new entrant records
- PSA2 Process pension scheme new entrant records
- PSA3 Process pension scheme transfers in
- PSA4 Process applications for pension scheme additional voluntary contributions
- PSA5 Process pension scheme early leavers notifications
- PSA6 Process applications for pension scheme transfers out
- PSA7 Quote on defined benefit pension scheme retirement benefits
- PSA8 Process defined benefit pension scheme retirement benefits
- PSA9 Quote on defined contribution pension scheme retirement benefits
- PSA10 Process defined contribution pension scheme retirement benefits
- PSA11 Process pension scheme death benefits
- PSA12 Process pension sharing and earmarking on divorce
- PSA13 Dealing with pension scheme complaints and disputes
- PSA14 Provide information on request from a pension scheme member or member’s representative
- PSA15 Maintain pension scheme records using periodic updating processes
- PSA16 Provide periodic pension scheme information to relevant parties
- PSA17 Respond to pension scheme enquiries
- PSA18 Maintaining Employee Records (AOSG 71)
- PSA19 Managing the Payroll Function (AOSG 74)Technical Group B3: Bank Account Options
- BA2 Establish, monitor and maintain bank accounts for customers
- BA6 Manage branch counter services
- BA7 Supervise the administration of retail financial products and services
- BA8 Process the transfer of foreign currency
- GF1 Provide information to customers in a financial services environment
Technical Group H3
- Providing Advice for Retirement
- SFR1 Engage with the customers and establish reasons for seeking advice on savings for retirement
- SFR2 Establish the customer's key savings for retirement needs
- SFR3 Identify ways of meeting savings for retirement needs for the customer to consider
- SFR4 Identify and agree priorities and options for the customer to enable informed pension choices
- SFR5 Review and present information to provide advice on savings for retirement
- SFR6 Refer the customer to further information or advice on savings for retirement
Cross-sector Group J3: Financial Services Customer Care Options
- CS4 Organise the delivery of reliable customer care (ICS Unit 25)
- CS5 Plan, organise and control customer service operations (ICS Unit 28)
- CS6 Provide callers with specialised assistance in a financial services environment
- CS7 Improve the customer relationship (ICS Unit 26)
- CS8 Allocate and monitor the progress and quality of work in your area (MSC Unit D6)
Cross-sector Group K3: Leadership & Management Options
- LM1 Provide learning opportunities for colleagues (MSC Unit D7)
- LM2 Provide leadership for your team (MSC Unit B5)
- LM3 Manage finance for your area of responsibility (MSC Unit E2)
- LM4 Allocate and monitor progress and quality of work in your area of responsibility (MSC Unit D6)
- LM5 Recruit, select and retain colleagues (MSC Unit D3)
- LM6 Provide leadership in your area of responsibility (MSC Unit B6)
- LM7 Ensure compliance with legal, regulatory, ethical & social requirements (MSC Unit B8)
Cross-sector Group L3: Financial Services Sales Process Options
- SP7 Contribute to the development of new products and services (MSSSB Unit 2.9)
- SP8 Sales activity planning (MSSSB Unit 2.4)
- SP9 Develop and deliver a professional sales presentation (MSSSB Unit 5.3)
- SP10 Develop and maintain business relations with financial services’ introducers
- SP11 Process financial services sales support administration for agencies
