Predecessor | The London Institute of Banking and Finance |
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Established |
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Type | For-profit education provider and professional body |
Location |
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Vice Chancellor and Chief Executive | Steve Hill |
Parent organisation | IU Group |
Website | libf |
LIBF is a for-profit provider of apprenticeships, degrees and professional qualifications, with students being members of the LIBF professional body. [1] It is one of five bodies in the UK accredited by the Financial Conduct Authority to maintain professional standards for financial advisors that use its services. [2]
The LIBF was spun off from the London Institute of Banking & Finance in 2023 (which continued its other charitable activities, including the award of Chartered Banker status, under the name of the London Foundation for Banking & Finance) and became a subsidiary of IU Group. [3]
The Institute of Bankers was established in 1879. [4] It was established by bank workers who saw a need for professional standards and education in the industry. This idea received relative popularity, gaining 2,000 members by the end of its first year. [4] The first exams took place in 1880 and were opened to women in 1917 – a year before women were given the vote in the UK but after the degrees of all British universities except Oxford and Cambridge.
The institute gained a royal charter in 1987 becoming the Chartered Institute of Bankers[ citation needed ] and in 1993 merged with the Chartered Building Societies Institute.
In 1996, the institute offered its first degree – the BSc (Hons) in Financial Services – offered as a dual award with the University of Manchester Institute of Science and Technology. It was the first professional award to be linked to a university degree.
The name changed in 1997 to the Institute of Financial Services. In the same year, the Certificate in Mortgage Advice and Practice (CeMAP) was introduced – this was the first qualification for UK mortgage professionals. [5]
In 2001 the institute launched the first personal finance qualifications for young people in the UK, equivalent to an AS-level. In the same year, the Institute became the first educational body in the sector to provide electronic assessment for its regulatory qualifications.
After becoming the IFS School of Finance in 2006, the institute was granted taught degree awarding powers (TDAP) [6] by the privy council in 2010. It was then able to award both undergraduate and taught postgraduate degrees in its own right without validation from a third-party university. The Department for Business, Innovation and Skills (BIS) granted the title ‘University College’ in 2013, and in 2016 the Institute became The London Institute of Banking & Finance.
On 31 March 2023, the institute changed its name to the London Foundation for Banking & Finance, retaining its status as an educational charity, and a new limited company, LIBF Limited [7] was created. The institute's operations and Ofqual-recognised awarding powers were transferred to the new company on 31 March 2023. [8] On the same date, the new company became a wholly owned subsidiary of IU Group, owners of IU International University of Applied Sciences based in Erfurt, Germany. The institute's activities remain unchanged but, as a result of the constitutional change, LIBF Limited lost the right to use the title 'University' or 'University College'. [9]
The ongoing educational charity, now known as the London Foundation for Banking & Finance (LFBF) continues to award Chartered Banker status and to carry out the institute's various charitable activities. [10]
LIBF Limited, trading as LIBF, holds UK taught degree awarding powers, allowing it to grant degrees up to taught master's degree level. [9] The London Institute of Banking & Finance's Ofqual recognition was transferred to LIBF Limited in 2023. [8]
LIBF is the provider of the CeMAP qualification, and has trained over 100,000 qualified mortgage advisers. It is an FCA Accredited Body and also offers qualifications at Level 4 and Level 6 for regulated financial advisers (DipFA and Adv DipFA). As part of its role as an FCA Accredited Body it issues Statements of Professional Standing (SPS) which are required for those practising as a professional retail investment adviser, and has a publicly searchable Professional Services Register. [11] It also provides international qualifications in trade finance (CDCS, CSCF, CSDG and CTFC) and international banking qualifications. Members and students of LIBF undertake continuing professional development (CPD) and professional programmes in finance which can lead to chartered status. [2]
LIBF works in partnership with institutes and banks around the world. It is an academic partner of the International Chamber of Commerce, with senior members of staff contributing to several ICC taskforces. [12]
LIBF's Abu Dhabi office provides education and training to the banking and finance sector in the Gulf Council Countries, and the Middle East and North Africa region. [13]
Since 2017, LIBF MENA has been working in partnership with Abu Dhabi Global Markets Academy (ADGMA). ADGMA and LIBF have set up a learning centre to provide education in banking and financial services to young Emirati professionals. The learning centre also publishes research, contributes to debates and forums and provides peer-to-peer engagement opportunities. [14]
LIBF APAC is based in Singapore where it works in partnership with the International Chamber of Commerce Academy [15] and the Institute of Banking and Finance.
LIBF India was established in 2023 to provide professional and executive qualifications, certificates and customised training solutions to banking and finance professionals in the Indian subcontinent. [16]
Up until 2024, LIBF offered Financial Capability qualifications specifically designed for 14 to 19 year olds in the UK, but it has announced that no new students will be enrolled for these qualifications after November 2023, and they will be phased-out by 2026. [17]
In 2019, The London Institute of Banking & Finance set up two research centres – the Centre for Digital Finance and Banking, and the centre for Sustainable finance. The scope of the centre's work is global and addresses the interests and concerns of market participants including commercial and development banks, investors, governments, corporations or regulators.
The London Foundation of Banking & Finance (the continuing charity) carries out the Young Persons' Money Index every year – a survey that tracks the delivery of finance education in schools in the UK. It also examines the attitudes, behaviour and experience of UK students in relation to money and personal finance.
The Henry Grunfeld Foundation was established in 1994 to further the careers of those working in the City of London. The London Institute of Banking & Finance (now renamed The London Foundation for Banking & Finance) was invited to assume control of the Grunfeld Foundation in the mid-1990s with the Board of Governors acting as trustees. The Foundation has funded scholarships for the full-time undergraduate programme, as well as learning resource provision, including the Henry Grunfeld Library at the campus in Lovat Lane. The Foundation also funds research fellowships and supports a longstanding commitment to INSEAD.
Financial World is LIBF's journal, [18] published quarterly in association with the Centre for The Study of Financial Innovation (CSFI). It brings together research and commentary on the structure and development of the domestic and international financial services sector and the wider economy and is distributed to students, members and subscribers.
The City and Guilds of London Institute is an educational organisation in the United Kingdom. Founded on 11 November 1878 by the City of London and 16 livery companies to develop a national system of technical education, the institute has been operating under royal charter, granted by Queen Victoria, since 1900. The Prince of Wales, later King Edward VII, was appointed the first president of the institute.
The Chartered Management Institute (CMI) is a professional institution for management based in the United Kingdom. It was founded as the British Institute of Management (BIM) in 1947 or 1948, merged with the Institution of Industrial Managers (IIM) in 1992 to form the Institute of Management (IM), and gained a royal charter, and its present name, in 2002.
Nottingham University Business School (NUBS) is the business school of the University of Nottingham, United Kingdom situated on the university's Jubilee Campus, close to Nottingham city centre.
The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the US-based CFA Institute to investment and financial professionals. The program teaches a wide range of subjects relating to advanced investment analysis—including business analysis, statistics, probability theory, fixed income, derivatives, economics, financial analysis, corporate finance, alternative investments, portfolio management—and provides a generalist knowledge of other areas of finance.
Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). It is the fourth-largest professional accounting body in the world, with 252,500 members and 526,000 future members. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development.
The Association of Accounting Technicians (AAT) is a UK-headquartered, global professional body for accounting technicians and bookkeepers, as well as a major provider of finance and accounting qualifications in the UK.
Ahmed Ali Al Sayegh is an Emirati politician who is a minister of state in the United Arab Emirates since 19 September 2018.
The Institute of Financial Accountants (IFA) is a professional accountancy body representing and providing certification for financial accountants in the United Kingdom. The IFA is a full member of the International Federation of Accountants.
Following is a partial list of professional certifications in financial services, with an overview of the educational and continuing requirements for each; see Professional certification § Accountancy, auditing and finance and Category:Professional certification in finance for all articles.
The Chartered Financial Planner is a qualification for professional financial planners and financial advisers awarded by the Chartered Insurance Institute.
The Chartered Banker Institute was established in 1875 and is the oldest professional banking institute in the world and the only remaining banking institute in the UK. It aims to help rebuild public confidence in banks and bankers by developing and embedding high ethical, professional and technical standards. The institute offers a range of qualifications for banking and financial services.
The Association of International Accountants (AIA) is a professional accountancy body. It was founded in the UK in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.
ICS Learn, also known as International Correspondence Schools Ltd, is a provider of online learning courses in the UK. It was founded in 1889 in Scranton, Pennsylvania. The UK branch was set up in 1904, and it now serves around 25,000 current students. Its students are based in more than 100 countries, predominantly in the UK but also across the Middle East, Asia, and Ireland.
NCC Education Ltd. is a private provider and awarding body of English education. The company provides students with the opportunity to earn internationally recognized British qualifications by studying at one of its Accredited Partner Centres, either through the classroom or online.
The Chartered Institute for Securities & Investment (CISI) is a professional body for members of the financial and investment profession. It offers qualifications and resources for professional development, as well as setting standards of conduct and ethics for those in the industry.
The Chartered Institute of Bankers of Nigeria (CIBN) is the umbrella professional body for bankers in Nigeria. The CIBN was incorporated in 1976 as the Nigerian Institute of Bankers. It was chartered in 1990, and is now covered by the CIBN Act 5 of 2007. The Institute is authorized to regulate the banking profession, set standards for bankers, and to maintain professional ethics through sanctions against members. Corporate members include the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and all Deposit Money Banks, Development Banks, Mortgage Banks, Micro Finance Banks and Discount Houses in Nigeria.
Sir Douglas Jardine Flint, is a British banker and former chairman of HSBC Holdings. He served from 2011 to 2017, having previously been finance director since 1995. He is chairman of Abrdn.
The Confederation of Tourism & Hospitality (CTH) is a specialist awarding organisation, offering vocational qualifications for the hospitality, culinary and tourism industries, worldwide.
Kensington College of Business (KCB) is an independent higher education institution located in Oxford Circus, London.
The Centre for the Study of Financial Innovation (CSFI) is a think tank established in 1993 that seeks to engage in and promote free and progressive discussion about the challenges and opportunities facing the modern financial services sector. The aim of our research is to open thought-provoking debate about the financial services, with a view to making the industry more transparent, more inclusive and, above all, more sustainable. Following many years of collaboration on events and debates, and on Financial World, LIBF’s quarterly magazine, CSFI formally joined LIBF in November 2022.
As members of the LIBF professional body, apprentices can access a wide range of extracurricular opportunities