.: FIBMA :.

The revised Financial Advisory and Intermediary Services Act (FAIS) fit and proper requirements were published in the government gazette on the 15th of October 2008. The Act requires properly qualified personnel for businesses to offer financial services and products.

Credits/Qualifications

The fit and proper credits and qualifications requirements are based on the appointment date as follows:

Appointment Date	Qualification Requirement	By When
30th September 2004 to 31st December 2007	60 credits at NQF level 4	31st December 2009. If achieved there are no further credit or qualification requirements. (unless there are changes to the product categories on the licence)
1st January 2008 to 31st December 2008	Option 1: 60 credits at NQF level 4 Option 2: Full qualification from the list of recognised qualifications	31st December 2011. If achieved there are no further credit or qualification requirements. ( unless there are changes to the product categories on the licence) 31st December 2013
1st January 2010 …	Matric, grade 12 or an equivalent at the date of appointment. Full qualification from the list of recognised qualifications. May work under supervision until the qualification has been obtained.	Within 5 years of appointment

Qualification Rules:

The further education and training certificate: Retail Insurance Qualification SAQA ID 66609 consists of Fundamental, Core and an Elective Components. To be awarded the Qualification, learners are required to obtain a minimum of 140 credits as detailed below.

Core Component:

The Core Component consists of Unit Standards to the value of 58 credits, all of which are compulsory.

Elective Component:

The Elective Component consists of Unit Standards to the value of 192 credits. Sewells have included appropriate Unit Standards to the minimum required value of 14 credits.

Fundamental Component:

The Fundamental Component consists of Unit Standards in:

Mathematical Literacy at NQF Level 4 to the value of 16 credits.
Communication at NQF Level 4 in a First South African Language to the value of 20 credits.
Communication in a Second South African Language at NQF Level 3 to the value of 20 credits.
Financial Literacy at NQF Level 4 to the value of 12 credits.

It is compulsory therefore for learners to do Communication in two different South African languages, one at NQF Level 4 and the other at NQF Level 3.

All Unit Standards in the Fundamental Component are compulsory.

Applying for Concession for the Fundamentals

Learners who hold a South African School Leaving Certificate (Grade 12, Standard 10, National Senior Certificate) can apply for concession for the fundamentals in recognition of prior learning. The INSETA provides detailed guidelines for applying for concessions.

FIBMA offers the “ Further Education and Training Certificate: Retail Insurance “ SAQA ID 66609 through 3 skills programmes and a concession or training process for the fundamentals.

Skills Programme 1 – The Role of the F&I Manager: (22 INSETA credits& 12 MERSETA credits)

UNIT STANDARTD TITLE	UNIT STANDARD NUMBER	NUMBER OF CREDITS	SETA
Manage time effectively to enhance productivity and enable a balanced lifestyle	11717	2	INSETA
Apply the regulations for disclosure that are required as part of the financial sales process	117	2	INSETA
Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002)	12164 (242584)*	2	INSETA
Demonstrate knowledge and understanding of aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa	120017	2	INSETA
Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations	14506 (242593)*	3	INSETA
Apply financial knowledge and skill to compile a finance agreement	120027	2	INSETA
Demonstrate knowledge and understanding of personal motor insurance	120005	4	INSETA
Demonstrate knowledge and understanding of warranty as a class of insurance	120014	3	INSETA
Explain credit life insurance	119260	2	INSETA
Apply the fundamentals of vehicle finance	259882 (9870)*	12	MERSETA

* The numbers in brackets are the old unit standard numbers

Skills Programme 2 – The SA Economy and Insurance: (38 INSETA credits)

UNIT STANDARTD TITLE	UNIT STANDARD NUMBER	NUMBER OF CREDITS	SETA
Describe life insurance	114983	3	INSETA
Describe short term insurance	114964	3	INSETA
Explain basic economics	117132	3	INSETA
Indicate the scope of life insurance in South Africa	117146	4	INSETA
Indicate the scope of short term insurance in South Africa	117134	3	INSETA
Operate a computer workstation in a business environment	114979	2	INSETA
Analyse new developments reported in the media that could impact on short term insurance	120019	10	INSETA
Apply the skills of customer care in a specific work environment	119676	4	INSETA
Manage risk in own work environment	119265	2	INSETA
Demonstrate knowledge and application of ethical conduct in a business environment	13940	4	INSETA

Skills Programme 3 – The F&I Business Unit and Environment: (25 INSETA credits)

UNIT STANDARTD TITLE	UNIT STANDARD NUMBER	NUMBER OF CREDITS	SETA
Interpret basic financial statements	117156	4	INSETA
Investigate ways of managing financial risk in own lives	117158	5	INSETA
Describe and apply the basic principles of personal income tax	117127	3	INSETA
Apply knowledge of basic accounting principles to financial services	117111	2	INSETA
Manage own work performance in relation to an organisation's performance management system	117133	4	INSETA
Apply the law of contract to insurance	14991 (120128)*	2	INSETA
Demonstrate skills and techniques required to build a relationship with a client in a financial services environment	113903 (243137)*	3	INSETA
Describe issues of compliance or non-activity that could result in civil or criminal liability in terms of business law	14979 (120127)*	2	INSETA
Use mathematics to investigate and monitor financial aspects of personal, business, national and international issues	7468	6	INSETA

* The numbers in brackets are the old unit standard numbers

Appointment Date

Qualification Requirement

By When

30th September 2004 to 31st December 2007

60 credits at NQF level 4

31st December 2009. If achieved there are no further credit or qualification requirements. (unless there are changes to the product categories on the licence)

1st January 2008 to 31st December 2008

Option 1: 60 credits at NQF level 4 Option 2: Full qualification from the list of recognised qualifications

31st December 2011. If achieved there are no further credit or qualification requirements. ( unless there are changes to the product categories on the licence) 31st December 2013

1st January 2010 …

Matric, grade 12 or an equivalent at the date of appointment. Full qualification from the list of recognised qualifications. May work under supervision until the qualification has been obtained.

Within 5 years of appointment

UNIT STANDARTD TITLE

UNIT STANDARD NUMBER

NUMBER OF CREDITS

SETA

Manage time effectively to enhance productivity and enable a balanced lifestyle

11717

2

INSETA

Apply the regulations for disclosure that are required as part of the financial sales process

117

2

INSETA

Demonstrate knowledge and insight of the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002)

12164 (242584)*

2

INSETA

Demonstrate knowledge and understanding of aspects of the regulatory framework relating to consumer credit agreements in Retail Insurance in South Africa

120017

2

INSETA

Explain the Finance Intelligence Centre Act, Act 38 of 2001 and its implications for client relations

14506 (242593)*

3

INSETA

Apply financial knowledge and skill to compile a finance agreement

120027

2

INSETA

Demonstrate knowledge and understanding of personal motor insurance

120005

4

INSETA

Demonstrate knowledge and understanding of warranty as a class of insurance

120014

3

INSETA

Explain credit life insurance

119260

2

INSETA

Apply the fundamentals of vehicle finance

259882 (9870)*

12

MERSETA

UNIT STANDARTD TITLE

UNIT STANDARD NUMBER

NUMBER OF CREDITS

SETA

Describe life insurance

114983

3

INSETA

Describe short term insurance

114964

3

INSETA

Explain basic economics

117132

3

INSETA

Indicate the scope of life insurance in South Africa

117146

4

INSETA

Indicate the scope of short term insurance in South Africa

117134

3

INSETA

Option 1:
60 credits at NQF level 4

Option 2:
Full qualification from the list of recognised qualifications

31st December 2011. If achieved there are no further credit or qualification requirements. ( unless there are changes to the product categories on the licence)

31st December 2013

Matric, grade 12 or an equivalent at the date of appointment.

Full qualification from the list of recognised qualifications.

May work under supervision until the qualification has been obtained.