17 Dec 2008

NSAFS launch innovation pathfinder project

Employers from across the financial services sector are being invited to become part of a scheme to work with further education providers to innovate the future of training and business development across the industry.

The National Skills Academy for Financial Services has won government funding to explore how further education colleges and training providers can assist local businesses to improve performance and processes and develop new products and services. The Skills Academy will develop close working partnerships between employers within seven financial services sub-sectors (retail banking, wholesale banking, insurance, 3rd party administration, life assurance and pension administration, accountancy and investment management), giving these businesses the chance to shape the future training needs of their industry.

The Skills Academy was one of only five out of 133 applicants to win pathfinder funding from the Department for Innovation, Universities and Skills. The pathfinder projects were devised to help place the further education sector at the heart of improving business skills and knowledge, as well as facilitating the exchange of knowledge between FE colleges and local companies.

The National Skills Academy for Financial Services is the leading body for the development and delivery of education, skills and training solutions for the financial services sector.

Sylvia Perrins, National Director of the Skills Academy, said: “As a national employer-led organisation working across the breadth of the financial services industry, the pathfinder will allow us to build on our strong relationships with financial services companies and expand our support from skills training to sharing knowledge that encourages innovation in processes, products and services..

“Further Education providers have the knowledge, skills and expertise to assist businesses and this is a great opportunity for businesses to set the training blueprint of the future.”

The pathfinder project will also increase the existing provider network and an online platform £ink to FSXchange will be built to share knowledge from the pilot.

John Denham, Secretary of State for Innovation, Universities and Skills, said:

“In tougher economic times, business performance will depend more than ever on the ability to exploit new ideas and new technologies, turning fresh thinking into marketable products, goods and services. To do this, it is essential that businesses have the support of further education and training providers.

“Many FE colleges and training providers have already developed outstanding relationships with the business community, delivering high-quality training and qualifications in partnership with local employers. But there is huge untapped potential not just to meet skills needs, but to drive innovation, helping firms get ahead and remain viable over the long term. I want to transform the FE system so that business innovation is a key part of the sector’s mission.”

Financial services employers who want to learn more about the opportunities available to them are invited to contact Emily Vaughan, Project and Events Manager at the NSAFS, for further details. Email emily.vaughan@nsafs.co.uk or telephone 0845 618 2353.

The National Skills Academy for Financial Services was recently awarded the Investors in People accreditation, showing the organisation’s commitment to the development of its own staff.

Sylvia Perrins commented further: “We are a young organisation and extremely proud to have achieved the Investor in People award. As an employer-led organisation, we are mindful of the development needs of our own staff so that we can provide the best service possible to the financial services industry.”