Financial Advice and Intermediary Services FAIS

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Financial Advice and Intermediary Services (FAIS)

• By Charmaine Koch

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Introduction

• 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

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The Levy Grant System
20 is forwarded to the National Skills Fund
(NSF) DoL 2 - SARS collection commission
10 is used for SETA administration purposes
20 is available to you if you participate in the
different discretionary grant projects and
learnerships.
50 for nominating an SDF and completing the WSP
and ATR for your company and submitting it to the
SETA
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The National Qualification Framework
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Qualifications

• 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

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Current 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

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Previous 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

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Training Providers

• Accreditation
• Level of accreditation
• Outcomes Based Education approach
• Integrated Assessment
• Registered Assessors
• Can opt to recognise relevant prior learning

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Charmaine Koch

• 083 533 7083
• cekoch_at_tiscali.co.za