New accreditation schemes to recognise training excellence in financial services

The Financial Services Skills Council (FSSC) yesterday (9 May 2005) launched the first in a new suite of schemes designed to show where firms and training providers have achieved excellence in training.



Accreditation of Training Excellence for Firms and Accreditation of Training Excellence for Training Providers are the first two in what will ultimately be a series of five FSSC accreditation schemes. Companies which can demonstrate that they meet the required industry standard will earn Financial Services Skills Council Accreditation and will be listed as an accredited organisation by the FSSC.

The schemes are designed to demonstrate that investment in training produces a solid business outcome. Firms and providers which apply for accreditation undertake a self-audit to gather evidence, followed by an external audit. The external audit is conducted by independent auditors appointed by the FSSC. Successful applicants receive an Accreditation Award lasting three years, after which the organisation will need to be re-licensed. Accredited organisations will be listed on the FSSC website and will be able to use an FSSC Accreditation logo on company materials.

FSSC Chief Executive Teresa Sayers said: ìThe industry spends around 30m every year on training. Employers want to be sure that their training spend has a positive impact on their productivity. Accreditation is a significant indicator of progress towards improved productivity. The schemes will also help consumers, since the accreditation logos are a useful indicator of organisations which take their training seriously.î

One company involved in the pilot process for the new Accreditation of Training Excellence

for Firms was Norwich Union Life. In providing evidence to meet the standard for accreditation of firms, Norwich Union Life was able to demonstrate a 24% increase in self-generated appointments and an overall increase in sales productivity of 27% in just five weeks.

In addition to firms and providers, the FSSC plans to launch the remaining three schemes by the following dates: Recognition of Outstanding Trainers (July 2005); Learning Solutions (by December 2005); In-house Exams (early 2006). This work contributes to the FSSCís commitment to improve productivity and business performance in the financial services industry. More information about accreditation is available at: