The Office for Students (OfS) is the independent regulator of higher education in England.
OfS aims to ensure that every student, whatever their background, has a fulfilling experience of higher education that enriches their lives and careers.
Their work covers all students whether undergraduate or postgraduate, national or international, young or mature, full-time or part-time, studying on a campus or by distance learning.
In February 2019 LIBF gained recognition as an Approved (Fee Cap) higher education provider on the OfS register. This recognition is gain following a rigorous assessment process where a provider is assessed on their adherence to good practice around:
A. Access and participation for students from all backgrounds
B. Quality, reliable standards, and positive outcomes for all students
C. Protecting the interests of all students
D. Financial sustainability E. Good governance F. Information for students G. Accountability for fees and funding More information about the Officer for Students, their conditions of registration, information for students and stakeholders and LIBF’s listing on the OfS’ Register can be found on the OfS’ website
Quality Assurance Agency (QAA)
Having been awarded time-limited Degree Awarding powers in 2010, in 2020 LIBF became eligible to apply to the Office for Students (OfS) to vary its awarding powers from time-limited to Indefinite Degree Awarding Powers (iDAP).
In early 2021 LIBF completed a comprehensive self-assessment report (SAR), supported by around 300 pieces of documentary evidence. The SAR formed the core evidence used by the QAA (the OfS’ Designated Quality Body) to determine if LIBF was maintaining its quality and standards in the delivery and awarding of Higher Education degree.
The QAA’s report of May 2021, confirmed that LIBF had met all of the QAA’s criteria for the maintenance of quality and standards and that LIBF:
- Continues to provide, and maintain the provision of, higher education of an appropriate quality; and
- Continues to apply, and maintain the application of, appropriate standards to that higher education.
On 3 December 2021 an order was made by the Office for Students via powers conferred by the Higher Education and Research Act 2017 (HERA), that the London Institute of Banking & Finance is competent to grant taught awards for an indefinite period, effective from 2 January 2022.
Quality Assurance reviews
Prior to registration with the OfS, we were subject to annual monitoring by the Quality Assurance Agency (QAA). Future QAA reviews are now embedded within OfS regulatory processes and scheduled accordingly.
In March 2019, QAA reviewers visited LIBF to undertake our Annual Monitoring for Course Designation. The visit considered information we had provided via our written Annual Monitoring return along with interviews with staff and students. From the evidence provided in the annual return and at the monitoring visit, the review team concluded that The London Institute of Banking and Finance (the Institute) was making acceptable progress since our previous visit in March 2018. Read all of our QAA review and monitoring reports.
Following submission of the QAA Annual Monitoring return for Specific Course Designation in January 2018, QAA confirmed in April 2018 that ‘From the evidence provided in the annual return and at the monitoring visit, the review team concludes that The London Institute of Banking and Finance (the Institute) has made acceptable progress with continuing to monitor, evaluate and enhance its higher education provision since the February 2016 Annual Monitoring Review.
In April 2017 LIBF received a M1b Commendable - no visit required outcome from QAA with the following commentary: The London Institute of Banking & Finance submitted an annual return in December 2016 that demonstrates that it is continuing to maintain academic standards and enhance the quality of student learning opportunities and information about learning opportunities.
We underwent an annual monitoring visit for specific course designation by the Quality Assurance Agency for Higher Education (QAA) and received the final report. The QAA monitoring team concluded that we are making commendable progress in implementing the action plan from the Higher Education Review.
As ifs University College, we underwent a Higher Education Review by the Quality Assurance Agency in November 2014.
The QAA review team reported:
- The setting and maintenance of the academic standards of awards meets UK expectations
- The quality of student learning opportunities meets UK expectations
- The quality of the information about learning opportunities meets UK expectations
- The enhancement of student learning opportunities meets UK expectations.
Besides addressing the four recommendations which the review team made, our response also welcomed the item of good practice regarding the facilitation of student awareness of, and engagement with, the financial services sector.