Q1. What is the IBF Standards Training Scheme (IBF-STS)?

The IBF Standards Training Scheme (IBF-STS) provides funding for training and assessment courses:

• Covering key skills needed in the financial sector.
• Accredited under the Skills Framework for Financial Services (SFwFS).
  Available for both self-sponsored and company-sponsored individuals.

Q2. What is the Financial Training Scheme (FTS)?

The Financial Training Scheme (FTS) provides funding for financial sector-specific training courses that are:

• Recognised under FTS.
• Not accredited under the Skills Framework for Financial Services (SFwFS).
  Only available for company-sponsored individuals.

Q3. What are the training courses recognised under the IBF-STS and FTS?

Please refer to the IBF Programme Finder for the list of courses that have been recognised under IBF-STS and FTS.

Q4. Eligiblity for IBF-STS and FTS course fee subsidy.

Singapore Citizens and Singapore Permanent Residents who are physically based in Singapore are eligible for the course fee subsidies.

To qualify for IBF-STS or FTS funding, participants must successfully complete the IBF-recognised^[1] courses (including passing the relevant assessments, where applicable).

[1] IBF-recognised courses refer to (i) IBF-STS training and assessment programmes accredited under the Skills Framework for Financial Services or Future-Enabled Skills and (ii) FTS programmes that are financial sector-specific training.

Q5. Eligible course types for IBF-STS course fee subsidies (for self-sponsored individuals)

With effect from 3 October 2022 (course commencement date), IBF-STS course fees subsidies will not apply to self-sponsored individuals who are not employed by financial institutions and Singapore FinTech Association certified FinTech firms for critical core skills (generic /soft skills) and future-enabled skill only courses.

Q6. Will trainees be eligible for course fee subsidies for attending the same course more than once within the same year?

Trainees are only eligible for a one-time grant of course fee subsidies for the course per calendar year, subject to their successful completion of the course.

Q7. I am a licensed representative (e.g. financial advisers, insurance agents, remisiers) of a financial institution or a general insurance agent. Will I be eligible for the FTS subsidy if my programme is not sponsored by my Principal Entity?

Q8. Funding and Eligiblity for the IBF-STS and FTS

IBF Standards Training Scheme (IBF-STS)

Financial Standards Scheme (FTS)

[1] Individuals who attend a course in the capacity of an instructor or facilitator, e.g. presenter / speaker / panelist are not eligible for IBF-STS funding.

[2] Direct training cost would be based on the gross course fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house courses. Qualifying expenses include training costs incurred for both executive and non-executive staff, as well as staff employed on a short-term basis (less than one year, inclusive of contract staff and interns). Apportioned basic salaries of full time in-house trainers involved in developing and/or delivering in-house courses will also be eligible for support.

[3] Individuals who attend a course in the capacity of an instructor or facilitator, e.g. presenter / speaker / panelist are not eligible for FTS funding.

[4] Direct training cost would be based on the gross course fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house courses. Qualifying expenses include training costs incurred for both executive and non-executive staff, as well as staff employed on a short-term basis (less than one year, inclusive of contract staff and interns). Apportioned basic salaries of full time in-house trainers involved in developing and/or delivering in-house courses will also be eligible for support.

Q9. Goods & Services Tax (GST) for IBF-STS and FTS subsidies.

Course fee subsidies are only applicable to the course fee excluding the GST amount.

Q10. Offsetting course fees with SkillsFuture Credit

Self-sponsored individuals may use their SkillsFuture Credit for IBF recognised courses that are listed on the SkillsFuture Training Exchange. SkillsFuture Credit can be utilised to pay for the unsubsidised portion of the course fee.

Q11. I enrolled for e-learning for an IBF-STS or FTS course, what would be the equivalent of a class commencement date?

The course commencement date will be the date that the e-learning access is granted.

Q12. What will happen if I (a) drop out halfway; or (b) did not pass my assessment for a IBF-STS or FTS programme?

You will not be eligible for the programme fee subsidy if you drop out halfway through the programme or did not pass your assessment. The training provider reserves the right to claw back the programme fee subsidy from you.
The programme fee subsidy is applicable only to trainees who have successfully completed the programme and passed the assessment.

Q13. Do I need to submit a claim to qualify for IBF-STS or FTS programme fee subsidy?

For self-sponsored individuals, your training provider will submit the claim(s) on your behalf. Please check with your training provider should you have further enquiries regarding your claim(s).

Q14. We did not include the GST in the claim submission for self-sponsored trainees. How do we claim the grant for the GST portion of these programmes?

GST funding support will no longer be applicable for all courses effective 3 October 2022.

Q15. What are the mandatory details to be reflected in the invoice?

Mandatory details to be reflected in invoice:

• Self-sponsored trainees - Trainees' full name (as per NRIC)
• Company-sponsored trainees - Trainees' full name (as per NRIC), Financial Institution's name and Name of whom the invoice is attention to 
• Course Title and Code (as per course accreditation)
• Course start and end dates
• Full course fee breakdown comprising of full course fee, funding amount, amount after funding, GST on full course fee (if applicable) and currency exchange rate based on date of invoice (if applicable)
• Invoice number
• Invoice date

Q16. How can my company support licensed representatives and general insurance agents who want to enrol for FTS courses?

For Financial Training Scheme (FTS) courses that charge nett fee, licensed representatives or registered agents will be required to provide a letter of support from their Financial Institution (FI) principal during application for the course to qualify for the nett fee.

Q17. How should training providers ascertain if a self-sponsored individual is a licensed representative or  general insurance agent is an eligible participant under the FTS?

The licensed representative or registered agent should provide a letter of support from their Financial Institution (FI) Principal when enrolling for the course.

Training Providers should also sight the staff pass of the licensed representative or registered agent and check the MAS Register of Representatives / General Insurance Association's (GIA) Agent Registration Board to confirm the participant's eligibility.

Q18. What happens if an IBF recognised course run is attended by both grant eligible and ineligible trainees, and the company is billed on a per run basis?

In cases where the IBF recognised course is attended by both eligible and ineligible trainees, the course fees should be apportioned based on total number of trainees in the class. The company should submit a claim for the course fee subsidy for its eligible trainees only.

Q19. What if my company is not prepared to furnish our staff's personal details such as NRIC to an external training provider?

IBF will require NRIC records and other personal data for the purpose of administering the course fee subsidies. You may refer to the IBF Circular on the "Advisory Guidelines on the Personal Data Protection Act (PDPA) for NRIC and other National Identification Numbers" for more information.

Q20. What will happen if our staff (a) drop out halfway through the course; or (b) did not pass the assessment for the course?

Your company will not be eligible for the course fee subsidies if your staff drop out halfway through the course or did not pass their assessment. The training provider reserves the right to claw back the course fee subsidy from your company.

Only trainees who have successfully completed the course and passed the assessment are eligible for the course fee subsidies.

Q21. Does my company need to submit claims for company-sponsored staff to qualify for the IBF-STS or FTS subsidy?

Q22. How can my company seek accreditation under IBF-STS or FTS for our in-house course(s)?

You may apply for your in-house course(s) to be accredited under the IBF-STS or FTS. Please click here for more information on the process.