GIFS calls for urgency in professionalising the financial services sector

With South Africans battling rising cost of living, the financial services industry is going to have to improve its service offerings in order to attract and retain increasingly cash-strapped consumers. The Graduate Institute of Financial Sciences (GIFS) has long championed the professionalisation of the financial services sector.

The need for that professionalisation to be fast-tracked has now become critical according to GIFS CEO Dr Kershen Pillay, “Financial services providers are battling to be outstanding in a market that’s constrained, workers who need to improve their skillsets and consumers who’re shopping around to make sure they get the best value for money.”

The Financial Advisory and Intermediary Services Act requires brokers to be fit and proper to carry out their duties. “What we are seeing is that industry is slow to respond to the reality that the financial services workforce is in dire need of technical skills due to the gap left by older workers who are retiring. At the end of the day, we need the sector to be responsive to the needs of consumers,” says Pillay.

GIFS has been on a publicity blitz with industry bodies to encourage the improvement of skillsets within financial services. One of the recommendations has been GIFS’ Bachelor of Marketing Management in Business Administration qualification that’s aimed at financial services practitioners so they can empower themselves to advance their careers and be more impactful when they serve members of the public.

The three-year, NQF-7, CHE-accredited and FSCA approved degree is run by KBS in partnership with GIFS. The course design has considered what industry has been requesting while balancing that with students’ professional aspirations as graduates will emerge with a qualification that will assist in growing their careers in fields including claims, financial advisory, underwriting and private banking.

Read more about GIFS here: https://gifs.africa/