Certification in the Swiss Banking Industry

Size: px

Start display at page:

Download "Certification in the Swiss Banking Industry"

Abner Roberts
10 years ago
Views:

1 Certification in the Swiss Banking Industry Bank customer advisor certification: An introduction and recent developments in Switzerland Matthias Wirth, Swiss Bankers Association Educational Pilot program, Beijing, September 2, 2015

developments in Switzerland Matthias Wirth, Swiss Bankers

2 Table of contents 1. Getting started as a customer advisor 2. Ongoing further training is a key requirement for customer advisors 3. Person certification as a conceptual approach 4. Federally-recognised person certification for bank customer advisors in Switzerland / Person certification according to ISO Swiss regulatory project for a Federal Financial Services Act (FinSA, FIDLEG) and training obligations for customer advisors in Switzerland 6. Conclusion and outlook Page

Federally-recognised person certification for bank customer advisors in Switzerland / Person certification according to ISO

3 1. Getting started as a customer advisor Bank apprenticeship (age of 15/16) broad general studies at a federal vocational school professional side of the banking apprenticeship: broad general bank-related education with a focus on customer advisory services Entry programmes for secondary school graduates (age 20) University graduates Adults with an educational background in another profession Page

education with a focus on customer advisory services Entry programmes for secondary school graduates

4 2. Ongoing further training is a key requirement Growing expectations by customers Dynamic process of change Comprehensive expertise Up-to-date person s abilities and knowledge Basic education and one-off further training are no longer sufficient Customer advisors must continuously ensure they have the required expertise Requires ongoing further training Person certification for customer advisors as one option Page

further training are no longer sufficient Customer advisors must continuously ensure they have the required

5 3. Person certification as a conceptual approach Systems ensure that expertise for job-related activities is up-to-date Re-certification takes place at pre-defined intervals Independent testing and qualification processes Pace of change in bank-related knowledge is much more accentuated today than in the past Substantiate the quality of service externally and constantly ensure and evidence the necessary expertise Page

processes Pace of change in bank-related knowledge is much more accentuated today than in the past

6 4. Person certification Bank according to ISO Developed by UBS in collaboration with the Swiss Association for Quality SAQ SAQ: neutral and independent examination and certification body Certification of Bank Customer Advisors in four segments in accordance with norm of ISO Certified Wealth Management Advisor CWMA Certified Corporate Banker CCoB Certified Individual Customer Relationship Manager Certified Private Customer Relationship Manager Page

four segments in accordance with norm 17024 of ISO Certified Wealth Management Advisor CWMA Certified Corporate Banker

7 Page

8 Elements of the certification process Review of autorisation conditions Qualification procedure Written examination Oral examination Monitoring Review of conformity with requirements Certification Re-certification Page

examination Oral examination Monitoring Review of

9 5. New regulatory project incl. training obligations Project for a new legislation, the Federal Financial Services Act (FinSA), is expected to have an impact in this area Customer protection Banks will have to ensure that their customer advisors have completed the requisite basic and further training Various sectors are to define individual minimum requirements Important: Certification efforts: job-specific requirements and best practices, quality and professionalisation Regulatory requirements: minimum standards Page

area Customer protection Banks will have to ensure that their customer advisors have completed the requisite basic and further

10 6. Conclusion and outlook Rapid process of change in the bank and financial industries Digitalisation of the distribution of financial products Individual advisory services Trust is key, both for digital distribution as well as for individual advisory services Qualified advice Certification approachs provide the opportunity to guarantee the levels of expertise for advisors on a systematic, consistent and ongoing basis Page

as well as for individual advisory services Qualified advice Certification approachs provide the opportunity