The primary difference between general HR and training teams and those who work specifically in financial services lies in the specialised knowledge, regulatory requirements, and industry-specific practices that are crucial in the financial sector. One of the most obvious is the Senior Managers Certification Regime. But not all roles will require that knowledge, there is a lot of transferable skills from other sectors if you are interested in an HR or Training career within the sector.
Here’s a breakdown of some of the other key areas you would expect to have or learn:
- Industry-Specific Knowledge: an understanding of the financial services industry, including knowledge of financial products, services, and regulatory environments. This ensures that HR practices align with industry standards and compliance needs.
- Regulatory Compliance: adhere to additional, stringent regulations specific to the financial industry, such as those imposed by the FCA (such as Conduct of Business rules), GDPR, and anti-money laundering (AML) laws. You are thus responsible for ensuring that employees are trained on compliance and ethical practices, and that HR policies reflect these regulatory requirements.
- Talent Management and Recruitment: place a strong emphasis on sourcing candidates with specific financial expertise, certifications (such as CeMAP), and experience in roles related to finance, risk management and compliance for example. At more senior level this would include SMCR considerations and getting regulatory approval for Board members.
- Training and Development: providing highly specialised training programs such as financial products, market regulations, risk management, financial analysis, and compliance. Training often includes mandatory certification programs and continuing education to ensure that employees stay current with industry regulations and best practices.
- Employee Relations and Culture: Often deal with high-pressure environments, performance-driven cultures, and the need to foster a culture of compliance and ethical behaviour. They may also focus on mental health and stress management programs tailored to the financial sector’s demanding nature.
In summary, while general HR and training teams provide broad support across various industries, those working in financial services require specialised knowledge, skills, and practices tailored to the unique demands, regulatory environment, and risk management needs of the financial sector.
We work with and partner HR teams on a daily basis and so truly understand the unique skills and experiences required to work in those teams, be it at entry level Advisor or Chief People Officer level.
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