Walbrook Institute London Limited

Further education and skills inspection report

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Inspection of The London Institute of Banking and Finance

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Inspection dates: 14 to 16 February 2024

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Overall effectiveness Requires improvement

The quality of education Good Behaviour and attitudes Good Personal development Good Leadership and management Requires improvement Apprenticeships Requires improvement Overall effectiveness at previous inspection Not previously inspected

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Information about this provider

LIBF Limited (LIBF), formerly known as The London Institute of Banking and Finance, is an independent higher education provider based in the City of London. LIBF offers apprenticeships in financial services to apprentices employed in banks and other financial institutions.

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Information about this provider

At the time of the inspection, there were 76 apprentices on the level 6 financial services professional apprenticeship standard. Apprentices were taking one of the four specialist pathways offered by LIBF: commercial banking, investment banking, investment management or retail banking.

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Information about this provider

Around two thirds of the apprentices are school leavers, who complete a degree as part of their apprenticeship. Around a third are graduates, who take an accelerated route. All apprentices complete a professional qualification relevant to their specialist pathway and job role as a financial services professional. 14 to 16 February 2024

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What is it like to be a learner with this provider?

Apprentices enjoy their training and feel proud to be trained by LIBF while being employed at financial services firms. Apprentices are supportive of each other and offer each other advice and encouragement when they find the topics they study challenging. The vast majority of apprentices demonstrate a positive attitude to their studies. This is reflected in their good attendance at training sessions and the very high standard of their written assignments and portfolios. In a few cases, apprentices are not sufficiently motivated to complete their full apprenticeship.

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What is it like to be a learner with this provider?

As members of the LIBF professional body, apprentices can access a wide range of extra-curricular opportunities, such as a monthly financial magazine, discounts on the cost of attending conferences, and networking events. Apprentices who take up this offer widen their interests and make new friends and professional contacts.

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What is it like to be a learner with this provider?

Apprentices, many of whom are new to working and living independently, appreciate the care that their tutors take over their personal development. In tutorials, they cover topics tailored to apprentices’ individual needs, such as healthy relationships and how to eat well. However, tutors do not plan and teach personal development topics in a structured way. Consequently, they do not cover these topics consistently well across all tutor groups.

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What is it like to be a learner with this provider?

Apprentices gain substantial new knowledge and skills during their training. For example, apprentices on the commercial banking pathway have progressed from handling clients’ queries through a messaging service to talking directly to clients about more complex issues. They support the sales team by writing up project proposals for bringing in new clients to the business. Employers benefit from apprentices being able to take on more responsibility at work.

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What is it like to be a learner with this provider?

Apprentices have access to high-quality careers guidance from qualified LIBF careers advisers. Managers arrange for guest speakers to talk to apprentices about careers in different financial sectors. The majority of apprentices are well informed about career options and are motivated to progress. Many take on new roles and responsibilities during their training.

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What is it like to be a learner with this provider?

Apprentices feel safe at work and in their tutorials and lectures. As a result of their training, they have a sound understanding of the risks of extremism as it relates to their working lives. For example, apprentices learn about the links between extremist groups and money laundering, cyber-attacks and phishing emails.

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better?

Leaders have a clear vision for their apprenticeship offer: to train employees in the skills and knowledge needed in the banking and finance sectors. Their objectives include widening the participation of under-represented groups in the financial services sector. More apprentices come from disadvantaged and diverse backgrounds than is typical in the sector. 14 to 16 February 2024

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Leaders select appropriate curriculum content that meets the needs of apprentices and employers in the finance sector. Leaders work closely with employers to identify the most useful specialist subjects relevant to their context. Lecturers then plan the topics they teach to match apprentices’ working lives. For example, they teach apprentices at the start of their careers in the commercial banking sector about key financial concepts and terminology. They build on this essential knowledge by teaching topics such as risk management and compliance in banking. Apprentices learn about and experience a wide range of duties and responsibilities before they specialise in a chosen field, such as foreign exchange or commodities.

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Teaching staff are experts in their subject and have relevant experience in the financial sector. In lessons, they link theory to practice well. They use real-world examples effectively to support their teaching and to share new ideas and concepts with apprentices. They provide clear explanations and break learning down into small steps that help apprentices to understand new concepts. Teaching staff organise useful talks from guest speakers with particular specialisms, such as derivatives and trading. Apprentices benefit from the up-to-date knowledge of their tutors and lecturers.

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In most cases, lecturers help apprentices remember key topic areas effectively. They spend time reviewing previous learning points at the start of each session and ask directed questions to check apprentices’ knowledge and understanding. This helps apprentices to secure their knowledge before they move on to another topic. However, within lessons, lecturers do not consistently check learners’ understanding well enough. For example, they ask questions without giving apprentices enough time to respond before moving on to the next topic. This means that apprentices occasionally find it hard to keep up with remembering all the new content covered.

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Lecturers help apprentices to improve their work through clear, detailed feedback. For example, they give apprentices useful explanations about errors they have made in calculations or when their answers on assignments are not sufficiently specific. As a result of the feedback, apprentices improve their grades in later pieces of work and make good progress over time. In a minority of cases, lecturers give feedback to apprentices that is less clear. In these cases, apprentices are not sure about what they must do to improve their work.

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Apprentices gain their degrees and professional qualifications and achieve high grades. Most apprentices on the degree pathway graduate with an upper second- class or first-class degree. The vast majority of those gaining a professional qualification achieve a distinction. This means that apprentices have the qualifications that they need to progress in their careers.

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In earlier cohorts, leaders did not check well enough that apprentices were working towards meeting the apprenticeship standards. The vast majority of apprentices in these cohorts did not achieve their apprenticeships, withdrawing from the programme after achieving their professional and degree qualifications. As a result, the achievement rate for apprenticeships is low. 14 to 16 February 2024

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Directors, leaders and managers carefully evaluated the reasons why apprentices in earlier cohorts did not achieve their apprenticeships and made appropriate changes to the programme to tackle this. For example, apprentices now start building their portfolios and preparing for their final assessments from the start of the programme. Although the overall retention rate for apprentices has increased, a small proportion of current apprentices have not completed their full programme of study within the planned time.

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A suitably qualified board of directors provides effective governance of the apprenticeship programme. Directors have a sound understanding of the strengths and weaknesses of the apprenticeship provision, including the reasons for low achievement rates. The board of directors supports the management team effectively as it implements its plans to improve achievement. For example, they have invested in a new team of personal tutors to make sure that they help apprentices stay on track with their apprenticeships. Leaders and managers work well with, and feel well supported by, the board.

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Safeguarding

The arrangements for safeguarding are effective.

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What does the provider need to do to improve?

 Make sure that apprentices complete their full apprenticeship within the planned time.  Implement a personal development curriculum so that apprentices learn about personal development topics in a structured way.  Make sure that teaching staff have the teaching skills they need to provide consistently high-quality feedback to apprentices. 14 to 16 February 2024

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Provider details

Address 8th Floor Peninsular House 36 Monument Street London EC3R 8LJ

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Provider details

Principal, CEO or equivalent Alex Fraser

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Provider details

Provider type Independent learning provider

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Provider details

Date of previous inspection Not previously inspected 14 to 16 February 2024

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Information about this inspection

The inspection team was assisted by the head of apprenticeships, as nominee. Inspectors took account of the provider’s most recent self-assessment report and development plans, and the previous inspection report. The inspection was carried out using the further education and skills inspection handbook and took into account all relevant provision at the provider. Inspectors collected a wide range of evidence to inform judgements, including visiting learning sessions, scrutinising learners’ work, seeking the views of learners, staff and other stakeholders, and examining the provider’s documentation and records.

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Inspection team

Claudia Harrison, lead inspector His Majesty’s Inspector Akhil Amlani Ofsted Inspector Sue Hasty Ofsted Inspector 14 to 16 February 2024

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regulates and inspects to achieve excellence in the care of children and young people, and in education and skills for learners of all ages. It regulates and inspects childcare and children’s social care, and inspects the Children and Family Court Advisory and Support Service (Cafcass), schools, colleges, initial teacher training, further education and skills, adult and community learning, and education and training in prisons and other secure establishments. It assesses council children’s services, and inspects services for children looked after, safeguarding and child protection.

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