FPSA® status becoming the professional differentiator in the fiduciary industry

In 2011 the Fiduicary Institute of Southern Africa (FISA) introduced the examination that entitles successful candidates to apply for the professional status of Fiduciary Practitioner of SA (FPSA®). The exam was introduced with the outspoken aim of liftin

Achieving FPSA® status testifies to the fact that the person has attained a level of knowledge and skill that justifies distinction as a professional in the fiduciary field. It also indicates that the person is aware of and committed to the ethical principles that the public at large can expect of someone entrusted to manage the affairs of another who is not in a position to do so.

To this end, the examination consists of one compulsory module, i.e. Law and Ethics in Fiduciary Services, and two elective modules which can currently be chosen from the following four:

* Deceased Estate Administration;
* Wills Consultation and Drafting;
* Trust Administration; and
* Estate Planning.

After achieving FPSA® status, nothing prevents anyone from writing the examination in any of the other elective modules as well. It is envisaged that more elective modules will be added in future, e.g. in beneficiary fund administration.

The examination process is administered by the University of the Free State’s Centre for Financial Planning Law (CFPL), but the final control over the contents of examination papers is exercised by an examination committee under the control of the FISA Council. The director of the CFPL, adv. Wessel Oosthuizen, assisted FISA with the framework and structure of the examinations.

The examinations have been benchmarked at the NQF level of a Bachelors degree.
The examination is written in November every year as a two hour paper in each module. The 2013 dates are available on the registration form which can be found on the FISA web site on the following link under Careers.

Louis Van Vuren, Chairman of the FISA Education Committee, said: “To help candidates to prepare for the examination, basic study guides will be published during the next two to three months.

“In the wakeof these developments, FISA has also stopped issuing the previous certifications to members upon joining. All existing certifications will also cease to be recognised after 31 December 2017, when all FISA members will fall into one of two categories: those with FPSA® status, and those without,” said Mr Van Vuren.

The CFPL also plans to offer a diploma course in fiduciary practice in the near future.