The London Institute of Banking & Finance enhances its support for the Isle of Man financial services industry

15 August, 2017Joe Cockerline

Over 30 financial services professionals have become the first students in the Isle of Man to complete qualifications awarded by The London Institute of Banking & Finance (LIBF) in either Retail or Business Banking Conduct, from an initial intake of 150 students who began their studies last autumn.


The qualifications, provide students with a solid grounding in the fundamental principles of retail and business banking, the regulatory environment and of the principles of professionalism, conduct and customer service.

The students graduated at a ceremony held at the Tynwald Legislative buildings, attended by IOM Chief Minister Howard Quayle, The LIBF Chief Executive Alex Fraser and LIBF Isle of Man Centre President Mark Waterhouse.

Many of the students passed their qualification with flying colours, with 19 of those graduating receiving the highest grade of Distinction for their examination.  Overall 85% of students that have taken their examination passed on their first attempt.

Speaking about the ceremony and the graduates, LIBF Chief Executive Alex Fraser said: 

“It’s wonderful to see so many students on the Isle of Man completing this qualification to such a high standard. Those working in banking and financial services have a responsibility to maintain the highest level of professional conduct and the students we’ve seen graduate today have demonstrated their ability to work at this level. We look forward to continuing our work on the Isle of Man and wish today’s graduating students the best as they progress in their careers.”

LIBF Isle of Man Centre President Mark Waterhouse said: 

“Today was a red letter day for financial services on the Isle of Man as we return to the days when bankers undertook professional banking exams as a matter of routine. Our aim is that these qualifications become the minimum standard for bankers and today’s graduates should be proud that they are at the vanguard of ensuring the Isle of Man maintains its reputation as a leading financial services centre. I would like to take this opportunity to thank the Government, particularly Laurence Skelly and his team at the Department for Enterprise for their support for these qualifications”.  

Mark Waterhouse adds: “In addition to the above banking specific qualifications the LIBF offer a range of financial capability qualifications which are important to people of all ages as they equip them with appropriate financial skills. Last year Castle Rushen High School successfully ran one of the LIBF’s short courses and recently Amber Whitelegg from Ballakermeen High School has completed The LIBF Level 2 Certificate in Financial Education (CeFE), which is a GCSE equivalent qualification. 

Through studying this qualification Amber not only developed her knowledge but also her independent learning skills and achieved a fantastic B grade.  Amber has also gained a valuable range of applied and transferable skills which will provide a foundation for further study in business and finance-related disciplines."

Following Amber’s success, Adrienne Burnett, Head Teacher at Ballakermeen High School has committed to offering the Level 3 (‘A’ Level equivalent) Certificate in Financial Studies (CeFS) qualification to 40 students this September as a pilot to offer the qualification as part of the school’s curriculum.

To find out more about The London Institute of Banking & Finance's qualifications for both school students and professionals, click here.