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Financial Services Products and Solutions (LP2)

Financial Services Products and Solutions (LP2) develops knowledge and understanding of customer needs, how financial services professionals and organisations identify and provide for these needs, including an understanding of key retail financial products such as savings, investments and tax wrappers.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Assessment entry.

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This unit provides an overview of the products and services offered by the financial services industry in the UK. It begins by looking at the personal financial lifecycle, a principle which defines some of the key financial decisions we make throughout our life and which may involve the use of financial products and services. This will demonstrate the importance of financial planning and the role taxation plays in it.

It will then focus on financial products and services and how they work, as well as their administration, marketing. All financial products are exposed to an element of risk and this concept that we will cover throughout this unit.

It introduces incentives such as pensions and ISAs and then looks at ways in which the financial services industry helps us to grow our wealth, and the various asset classes and collective investments that form the basis of financial products and tax wrappers. Mortgages, loans and credit cards are covered before considering how guidance, financial advice and ongoing reviews ensure that an individual remains on target to achieve their financial goals.

Building a successful career in personal finance

Financial Services Products and Solutions (LP2) is particularly suitable for those working in the life, pensions, and long-term savings sector, including customer operations back-office staff and contact centre team leaders.

Learning outcomes

At the end of this unit, candidates should be able to demonstrate a knowledge and understanding of:

  • key customer needs and the factors that affect these;
  • how customers and financial services professionals identify needs and solutions;
  • the main protection, mortgage repayment and savings and investment products;
  • the main tax wrappers.

Assessment

  • 2 hour exam
  • 75 multiple choice questions
  • The nominal pass mark is 70%
  • The 2020 pass rate for this unit was 79%

Study material - editions available

2020-21 edition (applicable to exams sat 01 Sep 2020 to 31 Aug 2021)

2021-22 edition (applicable to exams sat 01 Sep 2021 to 31 Aug 2022) **Availability - Printed & Digital - 23 Jul 21**