A recent FSCA change in the qualification sub-categories attached to meeting Fit and Proper criteria may see some people who work in the financial sector coming up short.
Moonstone Business School of Excellence (MBSE) strongly advises anyone who has completed unit standards or credit-bearing programmes towards either the FETC: Short-term Insurance, NQF4 (SAQA 49929/66610) or the FETC: Wealth Management, NQF4 (SAQA 57917/66613) with an accredited training provider to check whether these programmes still meet their ongoing Fit and Proper needs.
Edel Goldbach, academic manager at MBSE, explains that to be deemed Fit and Proper to offer financial services, the FSCA currently acknowledges specific 30-credit and 60-credit skills programmes for individuals.
“The proviso is that they don’t intend to expand the types of product sub-categories they provide services in or change jobs in a way that necessitates offering financial services for additional product sub-categories.”
However, Goldbach says there’s a potential risk in this scenario.
“If, for any reason, a person’s employer requires new product categories, that person would then no longer meet the Fit and Proper criteria and would have to complete a qualification.”
She urges those who have completed these unit standards or credit-bearing programmes to contact MBSE promptly.
“Our knowledgeable administrators can offer a personalised training programme to fulfil the full qualification requirement, especially since both these qualifications are being phased out, and there’s limited time available for completion.”
The deadline for new enrolments for these two qualifications is approaching, with no new enrolments possible after 30 June (FETC: Wealth Management) and 30 July (FETC: Short-term Insurance), respectively.
