The problem with focusing too closely on something is that things in the periphery can simply get ignored. Any office worker will recognise how easy it is to become deeply engrossed in their screen – whether following the latest from Wimbledon or the World Cup – and not even notice someone walk by or put something on their desk. Maintaining such a focus may help us concentrate, but it can also mean we neglect important tasks and this is the threat that currently exists with regards to training and competency.
The focus for training and competence (T&C) has been directed in the main on those giving advice in the mortgage market. First, the Mortgage Code Compliance Board (MCCB) introduced threshold exams for all advisers to pass, and then the Financial Services Authority (FSA) demanded that such training and competency be maintained on an ongoing basis. This has delivered results and is certainly helping to raise the level of technical skills and knowledge in the market, even if some have complained that the extra requirements have left little time to watch the tournament of the moment on their monitors.
This is as it should be. The regulator is there to protect the interests of the consumer and in doing so needs to ensure that they are receiving best advice. Clearly that means ensuring the people giving that advice are up to the task, but what of all those who operate in the support roles that are so essential to the smooth running of the market?
Only part of the process
Giving advice is only part of the process. In fact, in terms of time it is a very small part of the process. Thereafter, administration work has to be done, information checked, queries handled and the nuts and bolts of the mortgage actually completed. However, how much time, effort and money is invested in making sure employees working in such client facing, but non-advising roles are adequately trained?
Such roles are not confined by any means to the administrative side of a business, and indeed many of them are held in other departments such as marketing. Some client facing roles revolve around introducing clients to other firms or advisers, or conducting customer satisfaction research, and so the list goes on. What is important is that these people have the ability to do their job effectively in front of clients, uphold the reputation of the company and help develop its brand.
Indeed, in many instances client opinions are won and lost on the surrounding interaction they have with a firm after the initial sale has been completed. All clients expect, as a bare minimum, that the advice they receive will be of a high standard. Thereafter they look to see how other departments deliver to really differentiate one firm from another.
Specific needs
To this end, the Institute of Financial Services (ifs) offers a qualification called Customer Service Professional (CSP). It is designed to cater specifically for the needs of those working in a customer-facing role, but who do not necessarily advise on regulated products. The qualification bridges over a number of professions and not all of the topics covered will be suitable for those in the mortgage market. However as with other ifs qualifications, the learning is designed on a modular basis allowing individuals to pick and choose what will work best for them.
ASUB
Attaining the qualification requires three modules to be passed of which UK Financial Regulation is compulsory. Thereafter any two from the following can be chosen: Mortgages, Certificate in Regulated General Insurance, an Introduction to Marketing, Sales and Customer Service, Personal Development and Team Management, Understanding the Contact Centre Environment and an Introduction to Banking and Personal Lending.
Taking the qualification on board will serve three purposes. For those looking to move closer towards giving advice on regulated products, it will provide a good background and set them up well for moving forward in this direction. Those who do not aspire to giving advice, will also benefit from having a better understanding of the general principles involved and so will be better placed to carry out their own job. Those in departments such as marketing or customer services will benefit from the tailored training the modules deliver in their own field.
For those seeking to gain the Customer Service Professional qualification, testing is available as and when they are ready to sit their exam and results are available as soon as they are finished, with individual modules costing £120.
Across the board
Increasingly the demands on firms are spreading to the way they conduct their operations right across the board and not simply at the point-of-sale. Company cultures and attitude to ongoing training are important in every department and are certainly a major consideration for the FSA in any assessment it carries out. For firms taking their eye off the ball, it is all too easy to develop a team that lags behind in industry best practice – a team that is poorly motivated and lacking in inspiration, no matter what function they perform for the company. Offering such surround training is an antidote to this.
Is watching the ball really this important? Take a look at the sportsmen and women on your screen and see for yourself.
