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Seconds out, round number two…

29 June 2004 Angelo Coppola

The Insurance Sector Education and Training Authority (INSETA) has claimed an 81% pass rate of students who wrote the second Recognition of Prior Learning (RPL) assessment in May 2004.

4772 candidates wrote the assessment over a period of three days. In addition, 936 students achieved over 75% (a pass with distinction), and 54 of them achieved 90% and over.

To date, nearly 12,000 Financial Advisors have gained sufficient credits to obtain a licence from the Financial Services Board (FSB).

However, there are many others who qualify through INSETA’s Qualifications Equivalence Matrix.

“INSETA once again would like to remind all Financial Advisors and Financial Service Providers that a deadline of 30 September 2004 has been set to be licensed under the Fit and Proper Determination, subordinate legislation to the Financial Advisory and Intermediary Services (FAIS) Act,” says Nelius Volschenk, INSETA’s CEO.

Application for registration must be submitted to the Financial Services Board (FSB) before 31 July 2004 to ensure that the licensing process is completed before 30 September 2004.

These assessments have served as a platform for Continuous Professional Development (CPD) within the sector, which is the next phase of INSETA’s FAIS Fit and Proper project.

INSETA will soon declare what the INSETA FAIS project office will address as a second phase of the project in its ongoing support of CPD and the achievement of sufficient credits to remain licensed under Fit and Proper.

Quick Polls

QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

ANSWER

The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
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