Intec School of Insurance has developed the learning material for a full range of skills programmes and full qualifications at a number of different levels of competence. All of these programmes and qualifications fit into the National Qualifications Framework.
The skills programmes are aimed at obtaining the minimum number of credits to comply with the Financial Advisory and Intermediary Services (FAIS) Act.
In these programmes, the Intec School of Insurance has put together a selection of unit standards that offer the most appropriate training, while enabling you to achieve the minimum requirements.
Full qualifications, on the other hand, offer financial advisers more comprehensive training, which will meet the long-term requirements of the FAIS Act. In addition, the Intec School of Insurance offers:
- Recognition of Prior Learning programmes, which measure your knowledge against the unit standards as an alternative to theoretical training; and
- Learnerships.
It is envisaged that most financial advisers will opt for a skills programme which can later lead to a full qualification. The table on the right shows the Intec School of Insurance skills programmes and full qualifications (appropriate for the FAIS Act), highlighting how these fit in with the credit system.
A key reason for the introduction of the FAIS Act
is to professionalise the financial services industry.
According to the Financial Services Board (FSB), when the Act was enacted, its drafters realised that compliance with its provisions would have to be achieved in phases.
As a result, the qualifications required in terms of the Act were set at an entry level.
The FSB anticipates that, after consultation with the Advisory Committee for Financial Services Providers, the required qualification levels will be increased to a whole or full qualification. It is expected that new requirements will be announced later this year on expiry of the time periods set to obtain the current qualifications.
"For this reason, it is important for financial advisers to plan their career path and the courses they choose with a view to obtaining a full qualification rather than simply gathering credits," Nikki Wouterse, the chief executive officer of ICG Learning Solutions, says.
The Intec School of Insurance has planned all its courses in such a way that learners have the option to extend the learning programme later to achieve a full qualification and national certificate in financial services, wealth management, risk management or short-term insurance.
This means that, as regulations under the FAIS Act demand that advisers and intermediaries obtain further credits, there will be no confusion about, or need to repeat, credits in order to obtain a full qualification.
Click here for a table showing how the Intec School of Insurance's skills programmes and full qualifications (appropriate for the FAIS Act), showing how these fit in with the credit system.