Financial Advice and Intermediary Services (FAIS) By Charmaine Koch

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

Education Labour NQF SDA SDLA SAQA NSA NSBSETA’s JIPSA ETQA

The Levy Grant System 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) –DoL 2% - SARS collection commission 10% is used for SETA administration purposes

The National Qualification Framework BAND NQF LEV Education & training intervention Undefined0If 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 2Grade 10/Std 8/N1/Form 3/NTC I 3Grade 11/Std 9/N2/Form 4/NTC II 4Grade 12/Std 10/N3/Form 5/NTC III HET Higher Education and Training 5Diploma/Certificate/NTC IV, V, VI 6First degrees/Higher Diplomas 7Honours/Master’s degrees 8Doctorates

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

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

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

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

Charmaine Koch