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Banking know-how set to grow

02 February, 2018Heather Tilston

IOM graduationBanking know-how is set to grow in the Isle of Man as more and more bank employees take up professional qualifications, helping to raise standards and knowledge across the Island.

The Chief Minister, Howard Qualye, and the Minster for the Department for Enterprise, Laurence Skelly, were the special guests at a graduation ceremony held in Douglas recently. The event was held to celebrate 25 Isle of Man bank employees who have now successfully gained qualifications in retail or business banking, joining 30 bank workers who graduated last year and 80 in total that have now qualified. The qualifications, provided by The London Institute of Banking & Finance (LIBF), are designed to provide students with a foundation into either retail or business banking and help to establish standards of excellence in customers service in banks across the region.

LIBF launched the Level 3 Certificate in Retail Banking Conduct of Business (CertRBCB) and Certificate in Business Banking & Conduct (CertBB&C) in the IoM in September 2016 with 150 students signing up for the pilot.  

Given the success and popularity of these qualifications, more students were invited to register in May last year and LIBF increased the qualifications available to include the Level 4 Diploma in Retail Banking Conduct of Business (DipRBCB) and Diploma in Business and Commercial Banking & Conduct (DipBB&C), as well as the Certificate in Principles of Payments (CertPAY).  Another 90 students registered, taking the total to over 240, with many of those that pass one of the Certificates going on to study their respective diplomas.

Mark Waterhouse the IoM LIBF Centre President, says:

“I am very pleased for all our graduates; they have worked hard to achieve this important qualification which will hopefully help them tremendously in their careers in banking. I am also very grateful for the support the local LIBF centre has received from all the banks on the Island, from the Government, including the Chief Minister and Laurence Skelly and his team at the Department for Enterprise.”

LIBF also plans to launch its Level 5 Professional Diploma in Banking and Finance and Level 6 Chartered Associateship on the Isle of Man in 2018, and will be arranging a special lecture with the Dean of LIBF, Peter Hahn, for students and graduates alike. 

Getting money savvy in the classroom too…

Students at Ballakermeen School may soon have their own graduation ceremony – 25 students at the school are leading the way on improving financial know-how among the younger generations by studying LIBF’s Certificate in Financial Services (CeFS) this year. Financial education has been included in the national curriculum in the UK since 2014. As the awarding body for financial education qualifications, with its own university and programmes at undergraduate and postgraduate level, LIBF now works with over 700 schools and around 37,000 students a year in the UK. Students who study LIBF’s Level 2 and Level 3 Certificates and Diplomas at secondary school can move on to studying LIBF’s degree programmes on their journey towards a career in the financial services sector.   

Alex Fraser, CEO of The London Institute of Banking & Finance, commented:

“Money really does make the world go round and knowing how to manage your finances can fundamentally affect life chances and opportunities. Our research tells us that there’s a clear appetite from young people to learn more. We need to make sure that young people have a really good foundation in how money works, how to juggle demands, make trade offs and manage debt – particularly for those getting ready to go to university or start working life. I’m  delighted that the Isle of Man is starting to embrace university accredited financial education. It’s a real investment in students’ futures. We hope other schools on the Island will follow suit."

Find out more about our retail and business banking qualifications.