Jun 16, 2020
We refer to
MAS' and IBF’s announcements on 8 April 2020 on the launch of the support package for the financial and FinTech sectors to cover training in IBF-STS or FTS courses up to 31 December 2021. It has come to MAS’ and IBF’s attention that the conduct and marketing of training programmes under the Terms and Conditions for IBF Recognised Training Providers can be further clarified, in particular, given that more training is being shifted onto virtual or e-learning formats and with the adoption of the nett course fee model. In this regard, we have set out some guidelines below for your immediate attention and compliance.
For IBF-STS ProvidersTo be read in conjunction with the T&Cs for IBF Accredited Provider: Clause 5.4 - The Accredited Provider shall be responsible to maintain an adequate system for the administering and conducting of accredited programme, including but not limited to ensuring that the participant has passed the necessary regulatory / industry examinations (where relevant) before the issuance of a Certificate of Completion.
For FTS ProvidersTo be read in conjunction with the T&Cs for IBF FTS/Core CPD Provider:B12 - The Provider shall maintain an adequate system of administering and conducting training.
2. Training providers that convert existing classroom training to virtual or e-learning formats should also review the course fee charged for their programmes, to ensure that fees remain fair and appropriate. In assessing this, training providers should consider:
5. Disclosure of Course Fees and Invoicing Requirements
IBF seeks the support and co-operation of our training providers in our effort to upskill our workforce. The ECS and TAG are meant to help our workers invest in upskilling, in particular for those impacted by the COVID-19 situation. IBF takes a serious view of any individual, training provider or organisation that abuses IBF Funding Schemes and will not hesitate to act against any who contravene the terms and conditions of programme accreditation/recognition and course fees funding.
6. For any clarification, please contact IBF at: