In the Spotlight with Peter Pledger, National Skills Academy for Financial Services

FR: You recently joined NSAFS - do you have any plans for the organisation?

Yes. I want to expand our support for businesses in the financial services to meet their skill needs. In companies that deliver training in-house, I want to support the delivery of the highest quality of training through our highly respected accreditation and quality assurance processes.  I want to develop our offer to businesses to set up and run apprenticeship schemes and expand job opportunities. I want to increase the level and breadth of our programmes focused on financial education and also our programmes to help communities secure jobs in the sector. Finally, I want to expand our work as an advocate for the sector on skills issues.

FR: With big regulatory changes coming into force this year, how can brokers prepare and what are the key things they should be aware of?

The sector, at various levels, is going through significant change. Almost ten years on from the financial crash should be an opportunity for us to reflect not just on the new regulations but the reasons for the regulations and the behavioural and cultural changes that are required to make compliance meaningful. The NSAFS will be working with businesses to support them with this. The FCA has new objectives and powers of intervention designed to disrupt unethical practices of financial services companies, rather than await the outcome of court proceedings that can sometimes last for years. This means that brokers need to be aware that it is a change in mind-set as much as strict compliance that is required.

FR: What are the most important skills that everyone in financial services should learn?

Clearly the range of skills needed across the sector is vast. However, understanding the wider societal role our sector plays and the need for conduct at the highest standards is important for a long term approach to generating wealth and opportunity. The changes to the sector also require a greater focus on customer service skills and digital skills. The sector must also embrace greater diversity in order to have a broader skillset.

FR: How is technology improving the way the financial services industry works and how can brokers utilise this?

Technology is changing everything we do including replacing jobs that were once so commonplace in the sector. Brokers and all those in financial services need to understand this and get ahead of the curve and to remain relevant to customers. Technology brings with it the increased risk of cybercrime but could  change the way banking practices are run and increase their cost-efficiency, allowing for greater value and higher levels of service for the consumer.

FR: What trends do you expect to see in the market over the next 12 months?

Diversification of providers of services, new entrants to the market and alternative forms of financial services resulting from digital tools are on their way. While at the same time an expectation by the public and politicians for an approach that addresses the perspective of the millennials, which is open to new forms of service delivery, new expectations and greater capability with technology, rather than the past.