The qualification, which is endorsed by the British Bankers Association (BBA), is designed to help UK retail banks embed the FSA's new regulations concerning the conduct of banking business.
The rules, effective from today, will see the FSA take over retail banking conduct regulation from the Banking Code Standards Board, in the form of Banking Conduct of Business Sourcebook (BCOBS). This will include the regulation of payment transactions under the new Payment Services Regulations (PSRs).
The move presents a new challenge for providers of retail financial services who must now ensure that their systems, procedures and policies fulfil the requirements of the new framework.
A focus of the new regulations is on the interactions between deposit takers and their customers. In particular it includes requirements for banks to treat customers fairly, help customers make informed and timely decisions and ensure that customer service remains prompt and efficient for the duration of the relationship.
The ifs has specifically developed the CertRBCB to assist financial services organisations in addressing these requirements by providing a new independent benchmark for the knowledge and skills held by customer facing staff working in financial services.
Commenting on the relevance of these qualifications and the increasing importance of formal qualifications in retail banking, Gavin Shreeve, principal of the ifs School of Finance, said: "The new regime increases the focus on the conduct of customer facing employees and we hope this qualification will set a new standard for retail banks looking to adopt best practice in this area.
“Professional banking qualifications can make a meaningful contribution to the development of a sustainable future for the UK financial services industry. We are confident that these qualifications will provide front line staff with the skills and understanding they need to place their customers at the very heart of the services they offer."
The CertRBCB is divided into three main units covering the legal and regulatory environment for financial services, financial services provision and customer services principles and regulation.
It has a strong focus on developing an understanding of the requirements of legislation and statutory obligations and the need to adopt a customer-centric approach. A Diploma level qualification aimed at those supervising customer-orientated teams will also be open for registrations shortly.
