By Simon Prescott, Head of Islands Corporate Banking Lloyds
Training colleagues to deliver better
The Retail Distribution Review (RDR) represents a major change
for the financial services industry. Initiated by the Financial
Services Authority in the UK, it has been designed to help
consumers achieve a fair deal in the products that they buy and in
the advice that they take. As is often the case in terms of the
UK's legislation and guidelines, Jersey will follow suit to
ensure best practice and to further enhance Jersey's standing
as a stable and well-regulated international finance centre.
Financial advisers in retail banking have been extending their
professional qualifications and, on the corporate side, the
Offshore Banking Certificate has been very popular. Training is not
only necessary and indeed relevant for client-facing teams but also
for those in senior and management positions. Many have undertaken
or are undertaking the Institute of Directors' Chartered
External qualifications are complemented by in house training.
For example, at Lloyds TSB 25,000 retail customers have recently
been migrated onto a new banking platform and in order for those
customers to benefit from the additional functionality and enhanced
service, our teams have been thoroughly trained.
Jersey is incredibly lucky to have an experienced, diverse and
qualified talent pool. The financial services industry has a
commitment to recruiting locally and to upskilling its staff. There
will always be a need to temporarily assign colleagues to fulfil
specialist roles, but the focus is still on training local
individuals to assume those roles in the longer-term.
The financial services industry also invests in the future
workforce by committing to student work placement schemes. A
significant proportion of new employees are school leavers and
graduates who have had their first taste of the industry through
Looking to the future
The only constant is that things will continue to change.
Budgets continue to go under the microscope but it is vital that
training remains a priority. Ensuring that staff have the
professional capabilities to meet the diverse needs of clients is a
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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