The Legacy qualification transition phase

The NC Wealth Management Certificate at level 5 has long been the flagship qualification for financial advisers in our industry as it provides FAIS accreditation for almost all the CAT 1 subcategories controlled by the FSCA:

• Long-term insurance and private pensions
• Short term Insurance personal and commercial lines
• Pensions and Employee Benefits
• Health
• Investments – Collective investments, shares, bonds and interest-bearing
• Short and Long-term Deposits
• Key individuals for the above subcategories

The only subcategory not recognised for this qualification is cryptocurrency.

The new Occupational Qualification

This qualification has now expired and has been replaced by the following occupational certificates:

• OC Financial adviser, which provides FAIS accreditation for almost all the CAT 1 subcategories controlled by the FSCA, but this is a three-year qualification at level 6
• OC Long-term Adviser provides FAIS accreditation for almost all the CAT 1 subcategories controlled by the FSCA except Short-term insurance – personal and commercial lines. This is an 18 month that will provide a qualification for accreditation for Cat C, Investments and private pensions advisers by the FSCA.
• OC Investment Adviser provides FAIS accreditation for investment advisers is a 24 month qualification which is recognised for accreditation for investments.
• OC Health Adviser is a 12-month qualification which will provide a qualification for accreditation for health advisers once the FSCA has approved it.
• OC Pension and EB adviser is a 12 month qualification which will provide a qualification for accreditation for pensions advisers once the FSCA has approved it.
• OC Short-term Adviser will be an 18-month qualification which will provide a qualification for short-term advisers once it is completed, registered and accepted by the FSCA.

All new learners who are general financial advisers CAT C , personal pensions and Investments must enrol in these new OC long-term advisers for FAIS purposes.

Who may still enroll in NC Wealth Management?

The QCTO and INSETA have provided an extension to the transitional arrangements for the following learners:

1. Any learner who was enrolled in the NC Wealth Management qualification has completed skills programs or has achieved credits will be able to reenroll to complete the national certificate. Must do this before 30 June 2025 and complete the qualification in a maximum term of 12 months.
2. Any Learner who needs a qualification for health advisers may enroll in the NC Wealth Management—Health, as the OC Health adviser is not yet recognized by the FSCA. The last date for enrolment of a new learner is 30 June 2025.
3. Any Learner who needs a qualification for pensions and EB advisers may enrol in NC Wealth Management as the OC Pensions and EB adviser qualification is not yet recognized by the FSCA. The last date for enrolment of a new learner is 30 June 2025.
4. Any learner who needs a qualification which includes short term insurance -personal and commercial lines may enrol for the NC Wealth Management or FETC Short term Insurance. The last date for enrolment of a new learner is 30 June 2025.

Important Dates

• 1 July 2024 to 30 June 2025 for enrolment of new learners on legacy qualifications.
• 30 June 2027 is the last date for the completion of legacy qualifications.