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| Q1: What is the role of Institute of Banking and Fiance (IBF), Monetary Authority of Singapore (MAS) and Workforce Development Agency (WDA)?
A1: IBF, MAS and WDA are 3 key sponsors for this initiative. IBF is the executive arm for the FICS Committee and the national accreditation and certification agency for the financial services industry. MAS, being the key architect for manpower development strategies and initiatives for the financial services industry, has provided significant input to the development of the framework and the standards. On the other hand, WDA, as the national body responsible for promoting enhancement of human capital in Singapore has had concrete experience in developing structured continuing education and training system. It has contributed significantly in facilitating the development of the FICS framework.
Q2: Why is it so important?
A2: The framework establishes pathways for continuous learning and upgrading of skills for our financial workforce to raise their professional level to be on par with international standards. It will deepen manpower capabilities to perform the whole range of financial activities and make Singapore a more attractive financial centre.
Q3: Is the certification compulsory?
A3: No, it is voluntary. Nevertheless, financial practitioners are encouraged to seek certification as it would provide a professional certification that is recognised by the industry.
Q4: Will the Financial Industry Competency Standards (FICS) become a national standard? Has it been agreed amongst the banks and the financial training providers?
A4: The FICS will be the national industry standards for the Singapore financial services industry. The standards are developed by the industry for the industry. Leading practitioners across almost 100 organisations have been involved in the developmental and validation work. Whether and to what extent individual financial institutions and training providers will adopt the standard will vary from one organisation to another. Since the launch on 2 Sep 2005, about 30 institutions have already come forward and signed on to roll out the FICS within their respective organisations.
Q5: Do organisations or individuals need to pay to use the framework and access the respective standards and documents?
A5: IBF has decided to make the entire framework and set of standards readily available to all via its website (www.ibf.org.sg) at no charge.
Q6: Is funding available to help organisations roll out the framework?
A6: IBF will waive all certification and accreditation fees until 2007 to help defray the implementation cost in this introductory phase. In addition, IBF will reimburse those institutions that have been successfully accredited for their assessment capabilities, the fees to put their trainers through the specially customised competency-based assessment training. Further details on other funding arrangements will be announced shortly.
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