Financial planners who have a partially completed National certificate in Wealth Management SAQA ID 57608 (or old qualification SAQA 23973), who are at risk of being debarred by the FSB due to non-completion of a required qualification, have a limited time to complete this qualification, as it is soon to expire and will be replaced .

This qualification is currently quality assured by INSETA and is soon to expire, to be replaced with a range of occupationally based qualifications which are focussed on the job or occupation of the learner. and will be quality assured by the QCTO Quality Council for Trades and Occupations.

Details of the existing qualification can be viewed at:

The existing  SAQA qualification provides the financial adviser with a versatile program accepted by the FSB as acceptable in ALL licence areas for a CAT 1 financial adviser.  This means that on completing this qualification, the FSB will allow you to be licensed and operate in all or any of the following areas:

  1. Cat A, B & C Long-term Insurance
  2. Personal Pensions
  3. Employee Benefits
  4. Collective Investments
  5. Health
  6. Personal and Commercial lines Short term insurance
  7. Short and long term banking deposits
  8. Investments and Financial Instruments
  9. Offshore Investments

The registration end date for this qualification is 30 June 2018 with the date of last enrolment 30 June 2019 and you will need to complete the qualification by 30 June 2022. Anyone who has not completed the qualification by this date will need to start all over again with the new QCTO qualifications and comply with the new rules and regulations for these qualifications.

Learners who want to complete this qualification need to complete reading, self-study, assignments , research,  workplace assignments and facilitated learning or self-study. This is then followed by a closed book examination assessed and moderated by the training provider and quality assured by INSETA. Once this process is completed the results are uploaded onto the INSETA system, a statement of results is issued and then a certificate is printed by INSETA

The above assessments will only need to be supported by a formal workplace assignment or log book if they are completing the qualification through a formal learner ship.

The new qualifications are currently being developed and finalised and I have been a part of the team which has been developing these for the financial advice area. The QCTO qualifications are very different in structure and methodology as they are designed for specific occupations and will require a workplace component.

The program will also require reading, self-study, assignments, research,  workplace assignments and facilitated learning or self-study. This is then followed by a closed book examination assessed and moderated by the training provider and then quality assured by QCTO.

They will then have to complete a formal workplace assignment in which they apply the skills and knowledge learned and this needs to be assessed and quality assured by QCTO.

On completion of both of the above and assessment as competent, the learner will then need to enter and write an external exam controlled by an examination body accredited by the QCTO. Only after this external exam, verification by QCTO and final upload of results, the qualification w awarded.ill be awarded by the QCTO. This new process of training, assessment, workplace assignment and  external examination which involves more steps and players in the process than before, may result in an increase the time required to complete the process but will result in more standardised results from these assessments in the future.

Financial advisers who have partly completed the qualification or have been delaying starting their study as they feel they are not yet at risk of debarment need to take action now.

I would strongly recommend that they complete the existing program sooner rather than later, as this the option to complete this flexible and excellent qualification will not be available after 30 June 2022.

Advisers who work in a wide range of financial services who have not yet enrolled only have until 30 June 2019 to enrol if they want to be able to complete this qualification if they want to have qualification that allows them to operate in a wide range of financial services.

If you need further information on completing the National Certificate Wealth Management SAQA ID 57608 before this deadline please contact us at: