What is the IBF Standards Training Scheme?

 The IBF Standards Training Scheme (“IBF-STS”) provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services. More information regarding the scheme can be found here.

Trainings delivered by Sapience which are supported under the IBF Standards Training Scheme will be subjected to the following terms and conditions.

Terms and Conditions:

Training Venue

With effect from 28th Dec 2020, Singapore has moved into Phase 3 of re-opening which allows for the further resumption of business activities.

In view of this, trainings delivered by Sapience will be delivered as hybrid classes supporting both physical classroom training and as well as virtual classroom trainings. Participants will have the option of choosing either of the two delivery options for their training. Physical classroom trainings will only be conducted  should the minimum number of participants requesting for physical classroom training is met and will be limited to the maximum number of participants allowed taking into consideration the size of the training venue.

In view of Safe Management Measures, pre-registration is required if participants opt to attend physical classroom training. 

For participants attending virtual trainings, virtual classroom information will be provided one week prior to the start of training. Virtual trainings will be conducted using either using Zoom or MS Teams conferencing platforms/

For participants attending the training physically, please note the safe management measures as per MTI guidelines apply

  1. Attendance will be taken twice daily.

  2. Masks will need to be worn during the conduct of the class

  3. Temperature taking will be conducted twice a day

  4. Tracetogether Checkins and outs will be required for each day of the class.

  5. Participants who are physically unwell will not be allowed to attend the class.

For participants attending the training virtually and claiming for funding, please note that

  1. Attendance will be taken twice daily.

  2. Your camera will need to be turned on for the duration of the training

  3. The entire training session will be recorded for audit and compliance purpose

Company Sponsored Delegates

Terms and Conditions for Virtual Classroom Sessions

  1. Sapience reserves the right to change the date, time and trainer due to factors outside of its control.

  2. Sapience is not responsible for any loss or damage as a result of an alteration, postponement or cancellation of a course under any circumstances.

  3. Sapience does not provide refund for cancellation if the delegate is unable to attend. A substitute delegate is welcome at no extra charge. The invoiced sums are payable in full within 30 days of the invoice date.

  4. For Singaporean/PR delegate who drops out halfway through the course OR did not attend the course in full OR did not pass the assessment associated with the course (if any), you will not be eligible for the course fee subsidy and the IBF Credit.

Self Sponsored Delegates

Terms and Conditions for Virtual Classroom Sessions

  1. Sapience reserves the right to change the date, time and trainer due to factors outside of its control.

  2. Sapience is not responsible for any loss or damage as a result of an alteration, postponement or cancellation of a course under any circumstances.

  3. Sapience does not provide refund for cancellation if the delegate is unable to attend. The invoiced sums are payable in full prior to course commencement date. You may however reschedule your course to another date (of the same course or a different course of lesser value). Amendment must be done via written email to training@sapience-consulting.com before course confirmation is sent to you. No amendment will be allowed once the course is confirmed.

  4. For Singaporean/PR delegate who drops out halfway through the course OR did not attend the course in full OR fail the assessment associated with the course, you will not be eligible for the course fee subsidy, IBF Credit and Training Allowance Grant.

Attendance Requirements

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

In Course Assessments

The In Course Assessment will be conducted at the end of the IBF-STS endorsed programme. Delegates must pass the in course assessment in order to qualify for the corresponding IBF Fundings

In the event delegates are not able to pass the in course assessment on the first attempt, the delegate will be offered a second attempt at the in course assessment immediately after the results have been released. This second attempt will be offered at no cost to the delegate.

Should the delegate choose not to take up the second attempt at the in course assessment immediately and opt to reschedule the in course assessment to a later date, an administrative processing fee of SGD$100 will be charged.

For third and subsequent attempts at the in course assessment, an administrative processing fee of SGD$100 will apply for each attempt.

Appeals

Delegates requesting for a review of their in course assessments results are required to submit a email request to appeals@sapience-consulting.com

An administrative processing fee of SGD$100 will be charged for each appeal review. This processing fee will be refunded to the applicant should the appeal be successful.

Appeal reviews will be completed within 14 business days and a official response will be provided by email to the delegate.

Clawback of Subsidies

IBF-STS Subsidies is provided to participants on the condition that the participant

a) completes the course with the necessary attendance requirements

b) obtain a pass grade in the in course assessment conducted at the end of the course.

In the event that a participant is not able to fulfill either or both conditions a) and b) listed above, participants will be required to pay to Sapience Consulting the full value of the course as indicated in the invoice.