Fee Protection Scheme
Under the Fee Protection Scheme (FPS), PSB Academy ensures that course fees paid by students to the Academy are insured by a CPE-appointed service provider. This arrangement serves to protect the students’ course fees in the event a PEI is unable to continue operations due to insolvency, and/or regulatory closure. Furthermore, the FPS protects the student if the PEI fails to pay penalties or return course fees to the student arising from judgments made against it by the Singapore courts.
The FPS is required for all local and international students taking CPE registered courses in EduTrust-certified PEIs. FPS insurance premiums are paid by PSB Academy, unless otherwise stated in the Student Contract as payable separately by the student.
With effect from 01st August 2021, course fees paid would be protected under the FPS Group Insurance by Liberty Insurance Pte Ltd (Liberty).
• Liberty will insure all new students enrolled from 01 August 2021 onwards and all existing students with additional fees (example: Re-module fees.)
For course fees that were paid on or before 31st July 2021, it will continue to be covered by FPS Individual Insurance under Lonpac Insurance Bhd (Lonpac).
• Existing in-force FPS Policies (Block Cover) insured with Lonpac will be maintained till respective course end date or when the policy is cancelled by PSB Academy due to student withdrawing from the course, student transferring to another course, or student graduation.
Fee Protection Scheme Insurance Certifcate:
By Liberty Insurance
For more information on FPS, please visit ssg.gov.sg