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Apprenticeships

Partner with us

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Partner with us to maximise apprenticeship opportunities in your organisation and understand what apprenticeships and the levy mean for your business.

At The London Institute of Banking & Finance, our approach is very much one of a partnership, working closely with employers of all sizes across the financial services industry. Whether you are a levy payer or non-levy payer, we are here to support you with all your apprenticeship needs, requirements and questions, however small those questions may be.

A partnership approach

We can:

  • Support you to identify the most appropriate apprenticeship standard to fit your chosen role and requirements
  • Collaborate with you to co-design and run effective, high-quality and flexible apprenticeship programmes specifically tailored for the banking and financial services sector
  • Support your employees to undertake study towards sector-leading recognised professional qualifications and degree programmes in banking and finance, all within approved apprenticeship standards
  • Help you to understand and keep up-to-date with the operational aspects of apprenticeship developments, processes and the funding rules
  • Identify school outreach channels to enable you to recruit apprentices who are engaged and inspired
  • Work with you to transfer existing programmes into funded apprenticeships, helping you save on your L&D budget
  • Share best practice across the financial services sector

Get in touch

To discuss your apprenticeship needs and explore how we can work together, and to receive our Guide to Apprenticeships for employers, fill out the form below or call 0207 337 6290 to speak with our Head of Apprenticeships, Karen Taylor. 

 

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Frequently Asked Questions

To meet the Government’s agenda and drive the increase in the number and quality of apprenticeships, the levy was introduced in April 2017 and is the biggest change to impact on the apprenticeship landscape.  The levy gives you control of your training and is creating employment opportunities nationwide. 

If you are an employer with an annual PAYE bill of over £3 million, you must pay a levy of 0.5%; this is taken on a monthly basis by HMRC and transferred into an employer’s account with the Digital Apprenticeship Service, topped up by the Government. 

The levy ‘pot’ can only be used to fund the training and assessment of apprenticeships (not the wages of apprentices) in England, with each apprenticeship standard sitting under one of 15 funding bands or caps, ranging from £1,500 to £27,000. Digital accounts are accessed online and used by employers to ‘purchase’ training programmes from a list of recognised providers, recorded in the Register of Apprenticeship Training Providers.  Levy payments expire after 24 months unless they are spent on approved apprenticeship schemes. In the event that there are insufficient funds in your digital account to cover the full cost of apprenticeship training and assessment, the government helps meet 90% of the additional costs.

Let’s assume that you have an annual pay bill of £8,000,000.

  1. Your levy sum will be 0.5% x £8,000,000 i.e. £40,000.
  2. All employers receive an allowance of £15,000 from the Government to ‘offset’ against payment of the levy.
  3. Your annual levy payment will, therefore, be £40,000 less £15,000 i.e. £25,000.
  4. In England, the Government provides a 10% ‘top up’ to an organisation’s monthly levy contributions, so for every £1 paid in, a business has £1.10 to spend.

In fact, less than 2 per cent of UK employers pay the levy. So, if your pay bill is less than £3m per year, you will not pay the levy.  In this case, at least 90 per cent of your apprenticeship training and assessment costs in England will be paid for by the Government. The Government will then ask you to make a 10 per cent cash contribution to the cost, paid directly to the training provider, with the Government covering the remainder (up to the maximum agreed funding band).

Apprenticeships are open to both existing staff and new recruits. An apprentice must be employed for a minimum of 30 hours per week, and be eligible to live and work in the UK.

There are several ways in which you can recruit a new apprentice to your organisation.  You could advertise through the same media that you’d use to find other employees, as well as using specialist apprenticeship websites. You could also try contacting your local schools or colleges, and we can support you to identify school outreach channels. 

 

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