Enhancement to CACS Assessment and CACS CPD Policy in 2019

(12 Dec 2018) Under the Private Banking Code of Conduct (“PB Code”), Covered Persons are currently expected to fulfil annual CPD requirements after passing the CACS Assessment. The CACS CPD requirements ensure that Covered Entities and their Covered Persons providing financial/ wealth advisory services to Accredited Investors (“AIs”) conduct their business activities with integrity and professionalism and ensure that they possess the requisite level of competence and knowledge.

In July 2018, IBF updated the IBF Standards in Wealth Management – Private Banking. The revised competency standards placed greater emphasis on the PB Code, ethical conduct and included new skills  such as digital, cross banking, market specialisation, essential management skills and team leadership. The revised IBF standards are intended to help Covered Persons acquire skills to meet more sophisticated client needs. To support the implementation of the revised standards, IBF will be introducing the following enhancements to the CACS Assessment and CACS CPD policies:

1. CACS Assessment

The CACS Assessment comprises of two papers:

  • CACS Paper 1 - Legislation, Regulation & Industry Codes of Practice
  • CACS Paper 2 - Industry & Product Knowledge

The revised CACS Assessment will include more coverage on the Private Banking Code of Conduct, macroeconomic analysis and fixed income analysis.

The revised CACS study guides and examinations will be made available from 2 January 2019 and 1 February 2019 respectively. Registration for the revised CACS examinations will commence on 2 January 2019.

Please click here for more information on the CACS Assessment. Please read IBF Exams Rules & Regulations and IBF Exams FAQs for other important information about taking the IBF Examinations.

2. CACS CPD Policy

As part of the annual CACS CPD requirement, Covered Persons are expected to achieve a minimum of 15 CACS CPD hours, of which a minimum of 8 hours should be in training that is accredited under the IBF Standards Training Scheme (“IBF-STS”) and a minimum of 4 hours should be in training related to Rules & Regulations, Compliance or Ethics.

Covered Persons who possess less than 3 years of experience as Relationship Managers as at 31 December 2018 are required to complete a minimum of 15 hours of their annual CACS CPD in training that is accredited under the IBF-STS and attain IBF Certification in Private Banking within 3 years from the date of implementation.

This includes individuals who transit from other roles (e.g. Assistant RMs, Investment/ Product Specialist or Priority Banking RM) to a Relationship Manager role.

Please click here for more information on the revised CACS CPD Info Advisory Note.

3. Existing Covered Persons

All Covered Entities will be required to provide the list of existing Covered Persons (as at 31 Dec 2018). This will allow IBF to:
i) Identify the pool of Relationship Managers with less than 3 years of private banking experience who are required to obtain IBF certification; and
ii) Support the grandfathering of existing wealth planners who would otherwise be subject to the CACS Assessment

Please send the completed template to cpd@ibf.org.sg by 31 January 2019.

Should you require further clarification on the above, please feel free to reach out to us at cpd@ibf.org.sg

Reminder: Financial Markets Regulatory Practices Non-Examinable Course ("FMRP NEC") to be Completed by 31 Dec 2018​​​

(5 December 2018) All individuals dealing in wholesale financial markets who have passed the FMRP Exam before 29 June 2018, or were exempted from the FMRP Exam, are required to complete* the FMRP NEC before 31 December 2018.

Individuals who fail to complete the FMRP NEC by 31 December 2018 will have their FMRP certification status rescinded and will have to re-take and pass the revised FMRP Exam to continue engaging in activities covered by the Singapore Guide to Conduct and Market Practices for the Wholesale Financial Markets ("Blue Book").

The FMRP NEC is administered through the Learn@IBF app. 

Please refer to the FMRP FAQs for details on how to register for the FMRP NEC.

Please contact us at fmrp@ibf.org.sg if you have any other queries.

*Registered individuals must complete all 35 questions in the FMRP NEC Quiz in order to be deemed to have completed the FMRP NEC. 

Cessation of Sale of Printed Study Guides for IBF Examinations

(9 October 2018) With effect from 9 Oct 2018, IBF will no longer sell printed study guides for the IBF Examinations.

Candidates will receive an email with a link to the PDF study guide upon successful registration. Alternatively candidates can log into their IBF Portal accounts to access their PDF study guides. Access to the applicable study guide will expire after the scheduled exam date.​

​Cessation of Hardcopy Exam Result Slips & E-Copy of Exam Results ​

(3 July 2018) With effect from 18 July 2018, IBF will no longer be issuing printed result slips after the exam. The exam results will be displayed on the computer screens after the exam. Candidates will be able to view or print their results by logging into their IBF Portal accounts the next working day after the exam. Candidates may request for a printed result slip through the IBF Portal at a fee of $47+GST.