FAIS Road show February 2005
Unit standards are:
 Registered statements of desired training outcomes and their associated
assessment criteria.
 Building blocks of
o Short learning programmes (either short courses or skills programmes) selected
by an organisation. Credits can only be awarded if the short course is aligned to
unit standards. The credits carry no real value unless the unit standards are
registered on the NQF as part of a qualification.
o Skills programmes that lead to credits for unit standards registered on the NQF
as part of a qualification. Employers can claim back the mandatory grant as well
as the allocated grant for skills programmes that meet a need identified in their
workplace skills plans in terms of the Skills Development Regulations
Guidelines.
o National qualifications according to the prescribed rules of combination.
Qualifications
A qualification is a planned combination of learning outcomes with a defined purpose
that:
 Enriches the learner in terms of
Status



Recognition
Employability
Licensing
Access to further
learning
Marketability
Benefit to society
and the economy.
Promotes lifelong learning
Is nationally and internationally comparable.
Is awarded when the learner has accumulated the correct number of credits in the
required combination.
 At least 120 credits are needed for a National Certificate
 At least 240 credits are needed for a National Diploma.
The credits in a qualification are divided into 3 categories of learning
Fundamental
Knowledge, skills and attitudes
that are the foundation for all
learning at the level of the
qualification. These are
compulsory.
Core
Specific knowledge, skills
and attitudes that are
compulsory in a particular
qualification.
Elective
Selected additional credits
either specified in the
rules of combination or
approved in writing on an
individual basis by the
ETQA manager
Qualifications structure in insurance and investment qualifications
A Qualification:
 Is registered by SAQA on the National Qualifications Framework (NQF).
 Contains Fundamental, Core and Elective learning prescribed in the rules of
combination for the Qualification. (See the Qualification document for each
Qualification for the rules of combination).
Penny Mackrory: FAIS Presentation February 2005
1
Fundamental learning
Knowledge, skills and
attitudes that are the
foundation or basis required
for all learning in the
qualification. These Unit
Standards are compulsory.
Core learning
Specific knowledge, skills and
attitudes which are
compulsory in a particular
qualification.
Elective learning
Selected additional credits
usually specified in the rules
of combination. Electives
allow for specialisation and
ensure that the qualification is
fit for purpose.
Summary of structure of the qualifications relevant for licensing purposes:
Level
National Certificate in…
Fundamental
41
66
66
66
46
Core
Elective
5
Wealth Management
62
4
Wealth Management
52
4
Short Term Insurance
48
4
Risk Management
59
2
Financial Services
60
Qualification awaiting registration:
Submitted to SAQA November 2004.
4
FETC: Long Term Insurance
68
52
Proposed Qualification to be submitted to SAQA in February 2005
4
FETC: Retail Insurance
68
59
17
22
26
15
14
Minimum
credits
120
140
140
140
120
20
140
11
140
Short learning programmes may be developed against any part of a qualification but
will only have currency in terms of the full qualification. In order to ensure that
articulation with that qualification may take place, short learning programmes should be
conceptualised within the framework of a particular qualification.
Note that for the purpose of licensing by the FSB a qualification must be registered on
the NQF and deemed an appropriate qualification by the FSB.
Simplified version of the qualifications path
8
7
OVS:
Certified Financial
Planner (FPI approved)
Higher Certificates and Diplomas offered at Higher
Education Institutions.
6
D WM
Needed for FAIS
To start in February
Fundamentals registered (2003)
5
National Certificate in
WM
C: LTRA
D: LTRA
To be
submitted
to SAQA
by end
February
Penny Mackrory: FAIS Presentation February 2005
Fundamentals registered (2003)
2
2005
4
WM
LT
LTRA
FETC:
ST
RM
RI
FSM (2003)
(2003)
(2001) (2001)
MCA
(2002) (2003)
Work in
(Supervisors)
Replaces FETC: FETC: (2004) Review
progress
CI from
LT
LTRA replaces started.
To be
2005
(2004) (2004)
HBA:
Priority
submitted
Claims in 2005
by end
(2001)
February
3
2
Generic Industry Qualifications
NC in Insurance (2001) replaced by NC in Financial Services (2004)
(Also Replaces L4 CI for admin people in CI managers)
FSM
(2003)
(Team
leaders)
Generic Industry Qualifications
NC in Insurance Administration (2000) replaced by NC in Financial Services (2004)
1
2 Unit Standards: Members- Retirement Funds and Medical Schemes
Key (D = Diploma: NC = National Certificate)
US
FSM
CI
WM
LT
LTRA
HBA
ST
RM
RF
EWRM
PM
MCA
RI
Unit Standard
Financial Services Management
Collective Investments
Wealth Management
Long Term (Life, GB, Healthcare Benefits Administration )
Long Term Risk Assessment (claims, underwriting, quoting, tendering)
Healthcare Benefits Administration: Claims Assessing
Short Term
Risk Management
Risk Finance
Enterprise Wide Risk Management
Product Management (Medical Schemes)
FETC: Medical Claims Assessment
Retail Insurance
Penny Mackrory: FAIS Presentation February 2005
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