Personal Financial Services

Update: Financial Services
In-Country EV Training
May 2012
Workshop A
Reasons for changes to HND Financial
 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
Summary of Changes
 Changes to the content of several Units
 Changes to the recommended framework
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
Personal Financial Services
 Unit is about Personal services
 Terminology has been updated
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
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 covered have been updated
Personal and Business Lending
 Outcome 1,2, 3 and 4 reworded & updated
 Evidence requirements consolidated and
 Supporting notes updated
 Assessment Guidelines changed
Pension Provision
 Unit has been refocused
 Terminology has been updated
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
Financial Services Regulatory
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.
Financial Services Regulatory
 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
 Evidence requirements have been amended to reflect
the increased focus on customer issues by the
 Assessment Guidelines – no changes
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
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)
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
Framework Change
 To teach associated subjects in proximity to
each other
 Remove Graded Unit content straddling two
Revised order of subjects
 Principles of Insurance becomes a Year 2
 Both IT Units or alternatively both Economics
Units become Year 1 subjects
Other comments
 This is a fast moving subject and students need to
be exposed to up to date information
 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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