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INSETA launches new FAIS Act training initiative

29 October 2007 INSETA

The Insurance SETA, (INSETA), has announced the launch of its latest initiative in preparing people in the Insurance Sector to meet the requirements of the Financial Advisory and Intermediary Services (FAIS) Act.

Imfundo, a trading division of listed company ADvTECH, was appointed through a tender process to provide training and to conduct assessments throughout South Africa. "The critical academic quality of the training, so necessary in the provision of programmes of this nature, would be well developed and monitored by ADvTECH's overarching academic body, The Independent Institute of Education, (IIE), said Mike Abel, chief executive officer of INSETA.

All Brokers and Financial Advisors, Assistant Brokers and other key individuals, who were employed in the Insurance Industry in 2004, will be required to obtain the required credits, to comply with the Financial Services Board's (FSB) qualification requirements.

INSETA has a three year roll-out programme. The first Assessment Process is due in November 2007, where the assessment methodology used will comprise of simple, everyday case study scenarios and multiple choice questions. Stage 2 in 2008 will see the roll-out of a system of national assessments, conducted twice yearly for all categories. Basic curriculum and learning material will be provided and a basic Recognition of Prior Learning (RPL) guideline will be used. 

"We understand that some of our candidate-base may feel anxious about an assessment process, so we have structured the process to make it simple and user friendly," explains Mike Abel. "With this in mind, a pilot examination will be posted onto our website on Monday 15 October, which will allow candidates the opportunity to familiarise themselves with what to expect. The assessments themselves will take place at 10 centres around the country on Saturday 17 November 2007".

Assessments have been divided into three categories namely; Category A: Long Term; Category B: Assessment 1 - Short Term Personal Lines, Long Term; Assessment 2 - Short Term Commercial Lines and, Category C: Pension, Retail, Pension Benefits, Collective Investments, Health.

According to Mike Abel, all candidates may elect to write any combination of sections within these assessments in order to fulfil their personal outstanding credit requirements.

"It is important to note that this new programme is in no way a duplicate of the previous assessments, said Mike Abel. Only unit standards not covered in 2004, will be assessed on 17 November 2007 in venues across the country. This will offer those candidates the opportunity to obtain the required credits by November 2008.  Any new entrants in the Insurance Industry can enrol for the November 2007 assessments. Candidates can later enrol for the June and November 2008 assessments to obtain the new qualifications."

A FAIS link has been set up on the INSETA website please go to www.inseta.org.za, FAIS Assessments, for information pertaining to registration forms, venues and dates. Over-and-above this, a dedicated project office has been established at INSETA to assist with the implementation of this important project.

Companies and Learning Providers would do well to take their brokers, financial advisors and other staff requiring FAIS accreditation through the Pilot Assessments in order to prepare them for the actual assessment. Potential candidates are encouraged to write the assessments as they will receive credits for all parts of the assessment that they pass.

For further information contact INSETAs Call Centre on 086 113 0013 or visit www.inseta.org.za

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