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Direct Fin Training

Will you be ‘Fit and Proper’ by year-end?

Wed, 29 Jul 2009 09:44

Financial intermediaries and agents offering financial products through call centres who hope for another extension to obtain the necessary credits to be FAIS compliant and ‘Fit and Proper’ may be sorely disappointed after the FSB’s 31 December 2009 deadline.

The deadline has already been extended for both intermediaries and call centre agents who first registered with the FSB between 2004 and 2007. The FSB has warned against expectations of a further extension.

Those who do not timeously comply can be debarred from operating in the industry.

“Some call centres have already taken steps for accreditation, which is reflected in the increased number of agents attending INSETA accredited training,” says Karin Vermeulen, Managing Director of DFT (directfintraining).

“But there is still a significant number of call centre agents who have not yet obtained the necessary credits.”

During 2008 this Cape-based training organisation registered some 110 learners with the Insurance Sector Education and Training Authority (INSETA) for completing its Long Term Insurance Skills course.

“The 2009 figures do not reflect a significant take-up of the relevant courses so far. We believe some call centres have taken no action at all in spite of the looming deadline.”

With four months left, those who have not yet done so need to start the learning process immediately. It can take four to six months to study towards and obtain 30 credits, and about eight to 12 months to obtain 60 credits through some training institutions.

“DFT’s comprehensive training can be done over 13 days, either consecutively or spread over several weeks,” says Doreen van Rooyen, DFT’s Marketing and New Business Consultant.

“As part of DFT’s training, each learner needs to compile a portfolio of evidence, which then undergoes a two-month period of assessment and moderation. We apply to the INSETA to accredit the learner thereafter - this also takes time to complete.”

The credits required to comply depend on the products offered and on which advice is given. The courses and credits are:

Long-Term Insurance (Category A, B) - NQF - 30 credits

Short-Term Insurance – (Personal Lines)- NQF 4 - 30 credits

Short-Term Insurance – (Commercial Lines)- NQF 4 - 60 credits

Wealth Management (Long-Term Category B) NQF 4 - 30 credits

Wealth Management (Long-term Category C) NQF 5 - 60 credits

Several institutions offer these courses. “Be sure to select a training company that is accredited by INSETA, offers courses in line with SAQA requirements, and has a committed hands-on management style, with dynamic, competent facilitators and moderators,” says Van Rooyen.

DFT provides comprehensive guidance and advice on all course options to assist intermediaries or call centre agents who have questions around FAIS compliance and ‘Fit and Proper’.