financial advice and intermediary services (fais) by charmaine koch
TRANSCRIPT
Financial Advice and Intermediary Financial Advice and Intermediary Services (FAIS)Services (FAIS)
By Charmaine Koch
IntroductionIntroduction
Introduction : Charmaine Koch
• Started in Human Resources in 1998 and obtained a Diploma in Human Resources
• Researched Skills Development since 2001, when she was employed with LifeSense
Financial Services
• Then employed with a Regional Advisor for INSETA from March 2003
• Fulfilled a contract position with INSETA from September 2004 to April 2005
• Started consulting part time in July 2004 since May 2005 full time consultant, also
committee member for SAFSIA HR/SD Committee and still has an indirect involvement with
INSETA
• Currently serves as a representative of SAIA and FIA at the FSB on the FAIS Forum
Education Labour
NQF
SDA
SDLA
SAQANSA
NSBSETA’s
JIPSA ETQA
The Levy Grant SystemThe Levy Grant System
2% 18%
50%
20%
10%
50% for nominating an SDF and completing the WSP and ATR for your company and submitting it to the SETA
20% is available to you if you participate in the different discretionary grant projects and learnerships.
20% is forwarded to the National Skills Fund (NSF) –DoL2% - SARS collection commission
10% is used for SETA administration purposes
The National Qualification FrameworkThe National Qualification FrameworkBAND
NQFLEV
Education & training intervention
Undefined 0 If you do not know at what level to peg the education or training.
GET
General Education and Training
1
Qualification unknown/None/No schooling
Grade 0
Grade 1/Sub A
Grade 2/Sub B
Grade 3/Std 1/ABET 1
Grade 4/Std 2
Grade 5/Std 3/ABET 2
Grade 6/Std 4
Grade 7/Std 5/ABET 3
Grade 8/Std 6/Form 1
Grade 9/Std 7/Form 2/ABET 4
FET
Further Education and Training
2 Grade 10/Std 8/N1/Form 3/NTC I
3 Grade 11/Std 9/N2/Form 4/NTC II
4 Grade 12/Std 10/N3/Form 5/NTC III
HET
Higher Education and Training
5 Diploma/Certificate/NTC IV, V, VI
6 First degrees/Higher Diplomas
7 Honours/Master’s degrees
8 Doctorates
QualificationsQualifications
Qualifications Matrixes
Each qualification• is made up of unit standards which contain
credits.• has a “rule of combination” for unit standards• has a minimum of 120 credits
– therefore 30 credits = a quarter qualification– and 60 credits = half a qualification
Current position for industryCurrent position for industry
• Each registered Key Individual and Representative needs either:– 30 or 60 credits– either at NQF Level 4 or 5– relevant to their field of business
• This can be achieved through a part SAQA registered qualification or 2 SAQA registered Skills Programmes, provided there is no duplication
Previous StudyPrevious Study
• Initial Licensing phase of FAIS, OUTLEARNING was commissioned to do equivalency mapping of all previous insurance related studies
• They also mapped part qualifications in particular that of IISA and allowed credits for such part qualifications
• In-house training programmes are difficult to map as there has never been a benchmark for measuring the standard of such training
Training ProvidersTraining Providers
• Accreditation– Level of accreditation– Outcomes Based Education approach– Integrated Assessment– Registered Assessors
• Can opt to recognise relevant prior learning
