NAIFA comments on INSETA's withdrawl of study material

The INSETA on Monday 4 April announced that it is withdrawing its study material in respect of the regulatory exams for Financial Advisors with immediate effect.

This announcement follows receipt of a letter of complaint from the FSB regarding the quality of the material. Although the FSB has been consistent in its guidance to learners to “stick to the source material” i.e. the act and subordinate legislation, this development nonetheless indicates that some learners have been prejudiced by material from what is generally regarded as a reputable source i.e. the INSETA. Without in any way detracting from the other reasons advocated by the National Association for the Independent Financial Advisor (NAIFA) for the suspension of the exams, this prejudice endorses NAIFA’s recent call for the suspension of the exams until the format of the exam, the issue regarding language and the objectives to be achieved have been thoroughly revisited and agreed to by all affected parties.

Chris van der Walt, director of NAIFA comments, “In the short time since NAIFA has been established we have seen an overwhelming response from Independent Financial Advisors across the country. When forming the organisation, the founders felt it important to ensure that we address issues and really effect change in our industry and we are pleased to see that our efforts are starting to show results. As per our press statement last week, we feel that it is imperative that the FSB re-look this entire process and with the position now taken by INSETA on the materials it would be absurd for the FSB to push forward with the current framework and exam process as it stands.”

For more information on NAIFA, please log onto http://www.naifa.co.za/