Graduate Foundation College Steering Group
Held on Tuesday 5 March 2013
ABI Meeting Rooms, 51 Gresham Street, London, EC2V 7HQ
Present:
Name
Andy Mercer
Anthony Miller
Fay Goddard
Deirdre Montgomerie
Lucy Courtenay
Marcus Bowsher
Paul Turner
John Williams
Paul McCraith
Sarah Thwaites
Nashima Huq
Organisation
Scottish Widows
Inmarkets
The Personal Finance Society
Scottish Widows
Institute of Financial Planning
Mymar
Chartered Insurance Institute
FSP
FSP
FSP
FSP
Dialled In:
Name
Callum Grant
Organisation
Aviva
Apologies:
Name
Jan Holt
Claire Howard
Joel Turland
Organisation
Just Retirement
Sesame Bankhall Group
Redlands
Item
Subject
1
Update and Review of Phase 1
Sarah Thwaites welcomed the group and detailed the progress that had been made so far:
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2
A number of students have been placed on an internship and the remaining still
waiting to be placed
Financial Services, Regulation & Ethics module and resits are now taking place
Drop off of registered firms. Not recruiting at moment but will do in the future. Most of
the firms would like to be updated about the next phase.
Members of the Steering Group have been promoting the GFC through their
networks and there has been a positive response. GFC being promoted at various
regional events.
Outstanding Issues and Priorities for Phase 1
Sarah Thwaites commented that the placement of remaining graduates is outstanding.
Engagement with more SMEs for current and future phases
3
Review of Project Delivery
Sarah Thwaites commented that a full evaluation with be given to the Steering Group. This
will include assessment process, pass rates, dropout rate and feedback from graduates.
4
Planning for Phase 2
Sarah Thwaites stated this would comprise of 300 graduates and 200 firms. National firms
should also be approached as they can take on more interns and have a pipeline to smaller
firms.
Sarah Thwaites suggested Phase 3 be brought forward and merged with Phase 2, giving a
total requirement of 450 graduates and 300 firms. We also propose a staggered start in
different locations.
5
Roles, numbers and locations
Sarah Thwaites suggested sectors to be considered Financial Planning, Paraplanner, Wealth
Management, Mortgage and General Insurance brokers.
Lucy Courtenay suggested speaking to Estate Agency chains regarding mortgage advisers.
It was also suggested there may be opportunities to create roles to work for platform
providers (IT bias). Paul McCraith to contact platform providers.
Fay Goddard mentioned that Wealth Management roles would require high calibre graduates.
Sarah Thwaites commented that the locations would be determined on where the firms were
located and what roles were on offer.
Lucy Courtenay mentioned this would depend on the registered firms. The location may
determine the roles offered e.g Wealth Management and Financial planning offered in
London.
Paul McCraith suggested Nottingham, Leicester. Possibility of Norwich.
Requested Steering Group to provide a breakdown of firm numbers split across their regions.
Fay Goddard mentioned that a Paraplanner would be a route to financial planning or for those
who do not want a customer facing role. Look at how the graduate could be tailored for a role.
John Williams commented that a range of roles could be offered as a route into the financial
sector.
John Williams suggested we have a range of profile decision tools.
Sarah Thwaites commented that the programme should be phased and start in London
before June and also in the new locations. DWP have mentioned that many of the newly
qualified graduates will be available in June/July.
It has been decided to run Financial Planning and Paraplanning in the following
locations London, Belfast, Glasgow and Norwich as the exams are available.
Steering Group to provide details of firms who may be interested in these locations.
2
6
Selection, enrolment and SME engagement
Sarah Thwaites mentioned that the assessment process needs to be discussed. In particular
the graduate CVs. More help may need to be provided. Students have been informed of the
FSP Directions which provides job descriptions, CV and interview tips.
John Williams commented if graduates build up a relationship with the internship company it
makes the whole process more real and may dispense with the final interview.
7
Training process, content and delivery
Lucy Courtenay commented if we could video the trainers so someone less experienced
could facilitate the training on the day.
Andy Mercer commented that this could be possible and will report back to Steering Group.
Lucy Courtenay mentioned those trainers that had been laid off and on gardening leave may
want to work full time on a project.
Paul McCraith to approach other providers.
Andy Mercer would like to know if the students will be getting the textbooks online. Sarah
Thwaites stated that Calibrand provided textbooks online.
Andy Mercer questioned whether the same exam could be used over the roles.
Paul Turner commented there was very little crossover.
Sarah Thwaites commented that the e-learning should include soft skills and the workshops
to concentrate on face to face and passing the exam.
Anthony Miller will provide details of partner companies for “soft skills”.
It was agreed to allow more flexibility and have both 3 & 6 month internships
8
Resource Requirements
Sarah Thwaites commented that the relevant people need to be on the Steering Group.
Exams and resits are needed as no funding available. Help needed from exam and learning
providers.
Possibly more outside investment required from the likes of JP Morgan and platform
providers.
Fay Goddard mentioned what are the benefits of them investing in the programme. Large
firms already have their own Graduate Training Schemes.
Sarah Thwaites commented large firms are interested in seeing how the GFC works.
Fay Goddard commented it needs to be clear what is on offer and what the firms have to
offer.
Sarah Thwaites mentioned marketing material needs to reflect what we expect the firms to
do.
Lucy Courtenay offered their new premises for a training and exam venue.
3
9
Marketing and Communications
Sarah Thwaites requested the Steering Group think of other marketing opportunities to
promote GFC. Please let us know if you need support materials.
Requested Steering Group provide a split of the location of advisory firms/individuals in their
membership. GFC will continue to be promoted at regional events.
Fay Goddard mentioned the students could provide a short video to promote themselves to
the internship companies.
Sarah Thwaites commented that the Phase 1 is being evaluated and case studies will be put
together to promote to the internship companies.
Paul McCraith and other FSP staff will be attending Paraplanner workshops organised
through ThreeSixty.
10
Any other business
Lucy Courtenay commented that the word “unemployed” graduate should not be used in the
marketing material as it is seen as negative.
The group all agreed to be included in the steering group as part of the next phase of the
project.
11
Actions
1.
2.
3.
4.
5.
6.
7.
8.
Requested Steering Group provide split of firms by region
Provide feedback to AM on SMEs in the London area
Other marketing to promote GFC
Possibility to video trainers
Approach other providers (including platform providers)
Provide details of partner companies for “Soft Skills”
Confirm steering group meeting date
Review personality profiles to ensure we have the correct
profile decision tools
9. Steering Group to provide details of firms who may be
interested in initial locations for Phase 2
1.
2.
3.
4.
5.
6.
7.
8.
AM/FG/LC
Nashima Huq
All
Andy Mercer
Paul McCraith
Anthony Miller
FSP
John Williams
9. All
4