Learning
PFS Annual Report 2023
Our suite of qualifications caters for all levels of knowledge and experience, from new entrants through to seasoned professionals. The flexible structure of our qualifications allows members to create an individual learning programme that suits their needs. Designed with market experts, we offer a range of relevant learning solutions to support development across the different sectors of the personal finance market.
Our qualifications are designed and operated in consultation with experienced sector practitioners with the CII as the awarding body, and most are registered with Ofqual (The Office of Qualifications and Examinations Regulation, the regulator in England) in the Regulated Qualifications Framework (RQF). Many are recognised by the FCA as appropriate qualifications to undertake specific regulated roles and activities.
Most of our qualifications have core units, providing essential foundations to build on, or to provide close alignment with the FCA’s mandatory content requirements. In addition, for some qualifications, members can choose from the optional units available for their qualification to gain the total credits needed for completion. Units vary in difficulty and are assessed by either multiple-choice question exam, written exam, or coursework assignments.
Continuing Professional Development (CPD) is activity undertaken to ensure members’ competencies are up-to-date. Our CPD provides a practical framework for ensuring development is addressed in a structured way to meet members’ personal needs, those of their employer and ultimately the needs of consumers, aligned with the regulatory framework and professional standards of the CII, as a Chartered professional body.
CPD is a common requirement for qualified members of professional bodies. It reflects the fact that, in today's fast changing world, knowledge gained through qualifications quickly dates and, if you are to remain competent, you must continue to develop and enhance both your technical knowledge and wider behaviours and skills enablers to ensure you can effectively apply your practical knowledge to the specific needs of each client.
Most of the CPD support offered is delivered by our volunteer network across 26 PFS regions. Each region is run by a dedicated group of member volunteers who are essential in maintaining the future growth and professional standing of the Society.
Each region will typically provide a programme of CPD seminars, social and business networking events, guidance on exam techniques and volunteering opportunities.
The PFS uses the Professional Map as the competency framework for all personal finance professions, providing a structure and prioritisation for the full range of technical knowledge, behaviours and enabling skills required to perform as a holistic professional. Members are encouraged also to use this to assess their own competency strengths and weaknesses and to use the bespoke ‘find learning’ function to locate relevant CPD to fill any gaps.
Consumer Duty Hub
In 2023, we developed an online hub to help our members comply with the introduction of Consumer Duty rules.
The FCA published its Consumer Duty rules in July 2022, for implementation in two stages, in July 2023 and July 2024.
At the highest level, the Duty can be summed up in a new principle: “A firm must act to deliver good outcomes for retail customers.” As such, Consumer Duty regulations provide an opportunity for firms to demonstrate their commitment to their clients and boost confidence in financial services.
The FCA’s principle is elaborated in cross-cutting rules, or obligations, which state that a firm must:
- act in good faith towards retail customers
- avoid foreseeable harm to retail customers
- enable and support retail customers to pursue their financial objectives
These cross-cutting rules are linked to four outcomes:
- Products and services
- Price and value
- Consumer understanding
- Consumer support
In response to this, we produced a toolkit, designed in association with compliance experts who have worked with financial services firms, to help our members not just prepare for the introduction of Consumer Duty, but embed the cultural changes post implementation to deliver sustainable benefits to clients beyond mere compliance.
In tandem, we developed the Proficiency+ Consumer Duty diagnostic tool to enable firms to manage, develop and evidence the behaviours and competence against the expectations of the FCA.
