FSDF FUNDING SUPPORT
(A) Completion of FICS accredited programmes
1. FSDF funding support will be provided to institutions that sponsor their staff for FICS accredited programmes as well as non-sponsored individuals that attend FICS accredited programmes. This is subject to the conditions set out below.
2. Eligible Claimant
2.1 Institutions in paragraph 1 refer to Singapore based financial institutions, industry/professional associations and corporates engaged in financial services. The staff that they sponsor can be a Singapore citizen, permanent resident or foreigner, but the person must be based in Singapore, and hold a work position here.
2.2 Non-sponsored individuals would have to be either Singaporeans or Singapore permanent residents.
3. Venue and Completion of Programme
3.1 The programmes shall be conducted in Singapore .
3.2 To be eligible for funding support, the participant (whether sponsored by an institution or otherwise) would have to successfully complete:
(a) |
all training required under the programme, in the case of an accredited training programme; |
(b) |
all assessments required under the programme (i.e. resulting in obtaining a Statement of Attainment), in the case of an assessment programme; and |
(c) |
all training and assessments required under the programme, in the case of an accredited training and assessment programme. |
4. Level and Scope of funding support
4.1 The enhanced funding support of 90% of the programme fees applies to FICS accredited programmes that commence between 1 January 2009 and 31 December 2010 . This is subject to the following caps:
(a) |
For training programme – funding support is capped at S$6,000 per participant per programme, regardless of the number of competency units covered in the programme; |
(b) |
For training and assessment programme – as per paragraph (a); |
(c) |
For assessment programme – funding support is capped at S$700 per assessment, regardless of the number of competency units covered in the programme.
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4.2 Institutions that sent their staff for FICS accredited programmes before 1 January 2009 would be eligible for funding support of 70% of the programme fees, subject to the following caps:
(a) |
for training programmes – funding support is capped at S$4,200 per participant per programme, regardless of the number of competency units covered in the programme; |
(b) |
for training and assessment programmes – as per paragraph (a); |
(c) |
for assessment programmes – funding support is capped at S$500 per participant per assessment, regardless of the number of competency units covered in the programme. |
5. Submission of application for funding support
5.1 All applications for funding support for any accredited training or assessment (or training and assessment) module of a programme must be submitted within 6 months from the completion of the accredited training or assessment module, as the case may be.
For example, if the applicant completed the training for Module 1 of RMI's Market Risk Management Programme on 30 November 2008, the funding application must be submitted to IBF by 29 May 2009. Subsequently if the applicant completed the assessment for Module 1 of RMI's Market Risk Management Programme on 31 December 2008, funding application must be submitted to IBF by 30 June 2009.
(B) In-house Developed FICS Programme
1. Level and Scope of funding support
1.1 The enhanced funding support of 90% of the programme fees applies to in-house developed FICS accredited programmes that commence between 1 January 2009 and 31 December 2010. This is subject to the following caps:
(a) |
For training programme – funding support is capped at (i) S$600 per participant per training day and (ii) S$4,000 per participant per programme, regardless of the number of competency units covered in the programme; |
(b) |
For training and assessment programme – as per paragraph (a); |
(c) |
For assessment programme – funding support is capped at S$700 per assessment, regardless of the number of competency units covered in the programme.
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1.2 Funding support of 90% of the qualifying costs is also available to financial institutions that bring in overseas internal trainers/assessor. This is subject to the following cap:
(a) |
For travel expenses - funding support is capped at S$15,000 per overseas internal trainer/assessor brought in to train/assess Singapore based staff |
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