BankSeta – Letsema Training

PURPOSE AND RATIONALE OF THE QUALIFICATION The primary purpose of The National Certificate in Banking Services Advice is to provide learners with the fundamental understanding, sound knowledge and relevant skills to comply with the requirements of the regulations under the FAIS Act to enable them to offer financial advice to clients in the banking sector. The successful learner will be able to be accredited as a fit and proper person to render financial advice in the banking sector in terms of the Regulations under the FAIS Act. The qualification will empower learners to acquire knowledge, skills, attitudes and values required to operate responsibly in the banking sector. This Qualification is for learners who: Have worked in one of the sub-sectors of the Financial Services industry for many years, but have no formal Qualifications in their area of specialisation. Wish to extend their range of skills and knowledge of the industry so that they can become knowledgeable workers in the industry. Are in a learnership agreement with the BANKSETA. Have recently taken up a position in banking . Require a Level 5 Qualification for licensing purposes with the Financial Services Board (FSB) This qualification also aims to provide qualifying learners with the basic competencies and skills necessary to apply the basic principles of banking to the operations of any sector of the financial services sector to the benefit of the domestic economy. Rationale: The Financial Advisory and Intermediary Services (FAIS) Act, (Act 37 of 2002) was instituted to regulate the standard of financial planning services within the financial services sector. This Act requires all financial advisers to become licenced practitioners in the field. The Act prescribes that everyone providing services within the auspices of financial advisory and intermediary services needs to comply with the necessary regulations and, therefore, needs to be qualified at the required levels in order to offer such services. Financial advice and services are provided by both the insurance industry and the banking sector. Some employees in banks offer insurance product-related advice to clients as their core functions. In addition to these, as part of banking services to clients, banking personnel such as tellers, advisers and consultants are required to offer and consult on financial services and, therefore have to comply with FAIS regulations. It is estimated that 40% of people within the banking sector will have to comply with the fit and proper regulations of FAIS. This National Certificate has thus been established to address this need. The National Certificate in Banking Services Advice aims to give all learners a fundamental understanding of FAIS requirements and other relevant legislation as well as foundational knowledge and skills required for financial planning and for providing financial services of all kinds. The Qualification also introduces the learner to basic accounting and provides him/her with banking concepts, techniques and principles. Learners obtaining this qualification will have a firm foundation of knowledge of the banking sector and will have the necessary skills to secure a career in banking and embark on a path of lifelong learning at higher levels in banking or other fields in the financial services sector. This National Certificate was designed to accommodate the skills needs of banking employees and address compliance with the FAIS Act within the banking services sector. Therefore, this qualification is broad based in that it accommodates any type of learner wishing to be employed in the banking sector, particularly the frontline banking staff within retail banking who have to provide a `one-stop` service (banking and/or financial planning) to their clients. The banking industry because of the fact that it works with other people`s money is a specialised one that demands a labour pool of honest, ethical employees. This National Certificate aims to develop learners with those attitudes and values. The qualification will also give learners the opportunity to practice the skills they have learnt and apply the knowledge they have gained to their respective workplace (real or simulated) environments. The intention is: To promote the development of knowledge and skills that are required in Banking and specifically for giving financial advice. To release the potential of people. To provide opportunities for people to move up the value chain. To provide opportunities for lifelong learning for people who work in banking as the skills, knowledge, values and attitudes reflected in the Qualification are building blocks that can be developed further at NQF Level 6.