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Annexure A

By Alvin Ruiz,2014-05-18 00:40
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Professional licence or registration requirements over and above theapplicable regualtory and legislative requirements, investment options and the

    Annexure A

SETA DoL LEARNERSHIP REGISTRATION FORM

    Logo Logo

Documents to accompany this application form:

    ? A letter of registration from SAQA, if the qualification has been registered on the NQF.

    ? A letter of receipt from SAQA, if the qualification has been submitted for registration. ? Professional licence or registration requirements over and above the achievement of the

    specified learnership qualification must be provided where required. ? Employment Conditions Commission determination on wages to be paid to learners

Learnership Code: ________________________ NLRD ID: # 48866 (To be completed by the Department of Labour)

1. Information pertaining to the SETA

    1.1 Name of SETA: INSETA

    1.2 Name of Chamber (if applicable): N/A

    1.3 Name of SETA official responsible for learnerships: Saber Patel

    1.4 SETA’s telephone number: (011) 544 2000

    1.5 SETA’s fax number: (011) 484 9862

    1.6 SETA’s postal address: PO Box 32035, Braamfontein, 2017

    1.7 SETA’s e mail address: saberp@inseta.org.za

Collective Investments Administrator (WM L4) 18 June 2004 1

    Annexure A

    2. Learnership information

    2.1 Title of the Learnership: Qualification towards Certified Financial Planner ?

    Title of the Learnership Qualification: Financial Planning Advisor

2.2 NQF field: Business Commerce and Management Studies

    2.3 NQF sub-field: Finance, Economics and Accounting

2.4 NQF level: Level 7

2.5 Number of credits to be earned: 160

    Skills in the insurance industry are mainly cognitive skills and the application of theory and knowledge that are generic across different positions in the industry. For this Learnership learners are required to complete a minimum of 410 hours mentored

    practical work experience.

    In the insurance industry it is difficult to state categorically where training is provided. Larger organisations have ETQA accredited in-house training departments who train some aspects of insurance and may out-source other more generic skills. Smaller organisations use a range of private providers. It is almost certain that the

    communication, mathematics and financial literacy units will be out-sourced to private providers. All providers of training involved in Inseta Learnerships have to be

    accredited with an ETQA. In every Learnership situation within the insurance &

    investment sector there is an agreement signed between the learner, the training provider and the lead employer binding the learner to a specific, consistent and stable working environment for the duration of the Learnership. Training providers should

    use their discretion and be alert to situations where learners

    ? can be recognised for prior learning,

    ? can be fast tracked, or

    ? should be permitted additional time working on a task.

    It is our intention to allow providers, maximum flexibility and application across all areas of the industry. The Certified Financial Planner learnership:

    ? offers an opportunity for Financial Planners to obtain a recognised qualification

    where there was previously none

    ? offers opportunities for multi-skilling

    ? provides a career path for learners

    Electives should be relevant to both the learner and organisation so the choice of the unit standards for this particular Learnership may be made on the basis of

    i. The learner’s own interest and selected career path

    ii. The needs of the organisation as identified in the Workplace Skills Plan iii. A need identified as part of a performance appraisal by a line manager Collective Investments Administrator (WM L4) 18 June 2004 2 iv. A need identified as part of an organisation’s strategy towards an identified goal.

    Specify entry requirements and years experience

    Annexure A

    Learners must have at least a qualification at NQF 6. An evaluation / assessment exercise

    on level 6 is available for the learners to gain access to the qualification indicated in 2.1.

Mentored on-job training

Based on the whole qualification: Post Graduate Diploma in Financial Planning

    The work experience programme based on selected modules should total 600 hours

    since the qualification is not unit standard based but modular based. It should assess

    the application of knowledge from the structured learning components in the learner’s

    own work situation.

Assessment Criteria for mentored on the job experience

Qualifying learners should be capable of:

    1. Applying fundamental knowledge of the most important areas of financial planning and

    the applicable legislation, economic principles and knowledge of the Financial Services

    Industry in general in order to make a financial decision or propose a financial solution.

    Associated Unit Standards: modules. Note: Qualification is not unit standard based but modular based.

Associated Assessment Criteria for Exit Outcomes?

Learners will demonstrate the capability to:

? apply essential financial planning expertise and knowledge in financial planning for the

    benefit of clients and society;

    ? establish a planner/client relationship by explaining concepts and services and client

    responsibilities all within the parameters of professional conduct;

    ? assess a client profile, obtain documented personal information and determine the current

    financial status of a client;

    ? determine the financial goals (capital risk and investment needs) of a client;

    ? present a plan to a client for approval and agreement;

    ? implement, manage and monitor such plan within the ethical constraints of the profession,

    testing effective- ness and recommending change where necessary.

Learners will have to provide evidence, in the various learning modules in the different

    prescribed fields of financial planning, of attaining the required knowledge and expertise by:

? presenting and analysing hypothetical case studies and proposals in financial planning;

    ? writing assessments of client needs with suggested strategies to address those needs; ? drafting investment and other financial plans with due regard to financial risks, applicable

    regualtory and legislative requirements, investment options and the influence of changing

    economic conditions and markets;

    ? write proposals for implementation and monitoring of such plans

2.6 Date of registration of the qualification on the NQF (if registered) and code

    and number of the qualification: ) 01 July 2000 48866

    2.7 Date of application to SAQA for registration of the qualification (if not

    registered):

     Collective Investments Administrator (WM L4) 18 June 2004 3 2.8 Name of ETQA responsible for quality assuring the qualification: HEQC

    Annexure A

    3. Learnership identification

    3.1 How did the SETA identify the need for this learnership?

    (tick the box)

    ? SETA sector skills plan INSETA Sector Skills Plan

     Skills plans from “adjacent” SETAs

     Generally available research (specify)

     SETA commissioned research

     Workplace skills plans

    ? Other (specify)

3.2 What were the key features in the plans, or findings in the research? Please

    draft a summary of the plans or research.

    Introduction:

The Financial Planning Institute of Southern Africa (FPI) is the leading, independent

    representative body of professional financial planners. It ensures that financial planning

    clients have access to and value competent financial planning.

The vision of the FPI is that Financial Planning Institute members will be

    respected as professionals who set a world-class standard in financial planning

    and advice in Southern Africa.

    The Financial Planning Industry was originally formed in 1981 as the Institute of

    Life and Pension Advisors (ILPA) and in April 2000 adopted its new name to

    more accurately reflect its role as the custodian of competency and ethical

    standards of the financial planning profession.

    The Financial Planning industry is benchmarked against the international standard

    CFP?. The requirements for this certification are a postgraduate qualification. Based

    on the need for financial planners to accomplish this certification the need for a

    qualification was established. The main purpose the Post Graduate Diploma in

    Financial Planning is to equip possible Certified Financial Planners with the knowledge

    required to give advice on a very high level of competency. If the learners are found

    competent he or she is able to apply for the CFP? designation, which is an

    international recognized designation in Financial Planning. If this qualification Collective Investments Administrator (WM L4) 18 June 2004 4 becomes accessible via a learnership it will make the qualification more accessible to

    learners who were never given the opportunity to enter into graduate studies.

    Annexure A

With the onset of FAIS Fit and Proper a greater focus has been placed on

    changing the industry to that of a professional one. The Financial Planning

    Institute has always been the gatekeeper of financial planning and have set the

    standards based on educational requirements. The FPI has various levels of

    membership, which is supported by the following educational requirements.

    RFP Matric / relevant NQF 4 qualification in financial services

    AFP Relevant NQF 5 qualification in financial services

    CFP? NQF 7 qualification Post Graduate Diploma in Financial Planning

    A CFP? practitioner:

    ? Has completed the appropriate post graduate educational program

    Post graduate Diploma in Financial Planning NQF 7;

    ? Has successfully completed the Financial Planning Institute’s

    assessment;

    ? Has met with Fit and Proper requirement of the Financial Planning

    Institute’s of Southern Africa as well as that of FAIS;

    ? Is licensed with the Financial Services board as a representative of or

    key individual of a registered financial service provider.

    An example of why the industry requires professional advisors with recognized

    qualification is the ABSA vs. Durr case where it was decided that an advisor must give

    advice with due skill care and diligence. The Post Graduate Diploma in Financial

    Planning prepares the learner for this and equips him with the necessary skill. Most

    importantly this will ensure ethical and professional conduct by the advisor, which will

    protect the consumer in the end.

    4. Qualification and Unit Standards

    Percentage of

    NQF Credit assessment at: Title Code Level value Workplace Training

     Provider Provider

    Details of Postgraduate Diploma ID 48493 160 7

    Qualification in financial Planning

    Details of modules

    Collective Investments Administrator (WM L4) 18 June 2004 5

    Annexure A

    Fundamental learning 40 10 Credits. Made up of

    The following subjects

    The Financial Planning 10 Environment

    The Financial Planning 7 10% 90% profession

    Understanding the client 7 20% 80% Financial Calculation 7 20% 80% Personal Financial 10 Planning

    Estate Duty Act 7 20% 80%

    Capital gains Act 7 20% 80%

    Wills Act 7 20% 80% Matrimonial Property Act 7 20% 80% Long-term Insurance Act 7 20% 80% Short-term Insurance Act 7 20% 80% Corporate Financial 10 20% 80% Planning

    Knowledge of different 20% 80% business entities

    Case study 10

    Financial Planning 7 80% 20% process

    Tax in South Africa 7 80% 20% Financial Calculations 7 80% 20%

    Compliance 7 80% 20%

     120 Core Learning

     The Financial Planning 30 Environment

     The Financial Planning Collective Investments Administrator (WM L4) 18 June 2004 6 30% 70% 7 process

    Annexure A

     Certain basics of 7 30% 70% Financial Planning

     Regulatory environment 7 30% 70% for financial planners

     Introduction to 7 30% 70% economics

     Tax in South Africa 7 30% 70% influencing financial

    planning

     Personal Financial 30 Planning

    Investment planning 60% 40% 7

    Investment instruments 7 60% 40%

    Investment products 7 60% 40%

    Foreign investments 7 60% 40%

    Factors influencing 7 60% 40% investments

    Investment planning 7 60% 40%

    Estate planning 7 60% 40%

    Succession planning 7 60% 40%

    Wills 7 60% 40%

    Tax planning 7 60% 40%

    Retirement planning 7 60% 40%

    Retirement annuity funds 7 60% 40%

    Pension, Provident and 7 60% 40% Benefit funds

    Applying and reducing the 7 60% 40% average rate of tax

    Collective Investments Administrator (WM L4) 18 June 2004 7

    Annexure A

    Percentage of

    assessment at: NQF Credit Workplace Training Title Code Level value

     Provider Provider

    Corporate Financial 30 Planning

    Interpretation of financial 7 60% 40% accounts

    Valuation of shares and 7 60% 40% businesses

    Company owned policies 7 60% 40%

    Health benefits 7 60% 40%

     30 Case study

     Knowledge of personal 7 80% 20% financial planning

     Knowledge of corporate 7 80% 20% financial planning

    Collective Investments Administrator (WM L4) 18 June 2004 8

    Annexure A

5. Credits

    Show credits as a % of the total credits of the Total credits to be earned through: qualification

    82.7 credits 52%

    The qualification requires an

    integrated summative

    assessment based on 600

    hours of practical mentored on

    the job experience in Financial Workplace assessment Planning in an organisation.

    This is assessed against all of

    the modules and outcomes

    and assessment criteria of the

    whole qualification.

    48% 77.3 Credits. Structured learning

Specify the nature and duration of work experience required for each credit that is to be

    assessed at the workplace

    The following assessment criteria will be used to assess the workplace component.

    Fundamental learning 40% Assessment Criteria based on the fundamental modules for

    Qualification Exit Outcomes 827 notional hours

    The Financial Planning Environment 17 Notional hours The Financial Planning profession learner must be able to understand the ethical conduct and the environment of the financial planning

    profession together with the 6 steps in financial planning

    Understanding the client the learner must be able to have identify the following:

    ? FICA & FAIS implication

    ? Soft skills interpersonal interaction

    ? Gathering of information on the client

    Financial Calculation the learner must be able calculate time value of money and capital needs and objective of the client. Collective Investments Administrator (WM L4) 18 June 2004 9

    Personal Financial Planning 20 notional hours

    Annexure A

    Estate Duty Act the learner must have a thorough Estate Duty calculations

    Capital gains Act the learner must have a thorough understanding of how to calculate CGT

    Wills Act - the learner must have a thorough understanding of formalities, and the implications the different sections of the Wills Act

    Matrimonial Property Act - the learner must have a thorough understanding of the different matrimonial regimes

    Long-term Insurance Act - the learner must have a thorough understanding of the different sections of the relevant to financial planning

    Short-term Insurance Act - the learner must have a thorough understanding of the different sections of the relevant to financial planning

    Corporate Financial Planning 20 notional hours

    Knowledge of different business entities the learner must have a thorough understanding of the advantage and disadvantages of business

    entities and the tax implications of each

    Case study 80 notional hours

    Financial Planning process - the learner must have a thorough understanding of the financial planning process and the application

    thereof

    Tax in South Africa - the learner must have a thorough understanding of the different sections in the Income Tax Act and all other relevant and

    applicable Acts to financial planning

    Financial Calculations - the learner must have be able to apply financial calculations to capital requirements and time value of money Compliance - the learner must have a thorough understanding of the relevant Act that govern the financial planning profession and apply

    practically

     Core Learning

    90 notional hours The Financial Planning Environment

     The Financial Planning process - the learner must have a thorough

    understanding of the financial planning process and incorporate the 6

    steps of financial planning

     Certain basics of Financial Planning - the learner must be able apply

    financial planning principles for example budgeting, cash flows and

    capital needs

     Regulatory environment for financial planners the learner must be able

    give financial advice based on the legislation that regulates the financial

    planning environment Collective Investments Administrator (WM L4) 18 June 2004 10 Introduction to economics the learner must be able to understand

    apply basic economic principles that affects the financial environment of

    the client

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