The NC Wealth Management qualification currently expires on 7 December 2022 and the official date for new enrolments on this program was 7 December 2019, last year. As can be seen from the attached memo from INSETA dated 26 September 2019, all training providers were advised to continue using the existing qualification during 2020, until the individual part qualifications for the new OC Financial Adviser QCTO qualification at levels 5 and 6 were accredited by SAQA and providers were available and accredited to present the new qualification.

RSC started the accreditation process at the end of 2019 and submitted our first submission to QVTO in early March 2020, just prior to COVID 19 lock down. This was resubmitted electronically in June 2020 and after various resubmission and site visits RSC was accredited for the new OC(Occupational Certificate): Financial Advisers and its part qualifications during November:

  • OC Long term Adviser – which is the main replacement for the generic NC Wealth Management qualification run by RSC
  • OC Employee Benefits and Pension Advisers – providing a employee benefits speciality
  • OC Health Advisers – providing a focussed qualification for medical funding advisers
  • OC Investment Advisers providing an advanced wealth management qualification at level 6.

INSETA held a meeting of all Training providers about the implementation of the new qualification on 24 November 2020 and advised that NSETA/ QCTO had not received permission to extend the enrolment of learners during 2020, this means that the 7 December 2019 deadline still stands.

This means that NEW learners on the NC Wealth Management SAQA ID 57608 enrolled after December 2019 should have been enrolled on the new qualification OC Long term adviser.

Learner who have previous credits for this qualification are not impacted by this revelation as they have until 7 December 2022 to complete the qualification. This only impacts on brand new learners who are enrolling for this qualification for the first time.

After much discussion and input from the training providers and INSETA and QCTO representatives it was agreed that learners who enrolled for the first time during 2020 MUST not be disadvantaged in any way and INSETA and QCTO agreed to take this matter up with SAQA and request that last enrolment for this qualification be moved to 7 December 2021 and that the final date for completion be moved out to 7 December 2023 rather than 2022. More detail can be found in their memo dated 27 November 2020 linked below:

They have promised to provide feedback by 18 December 2020 and we do believe SAQA should allow this request as very few training providers are currently accredited to provide the new qualification.

If they do not RSC as an accredited provider for the new qualification would need to convert new learners enrolled during 2020 to the new OC Long term Adviser, but we do not believe this will be necessary.

RSC will keep you updated on this as soon as we hear from INSETA, QCTO and SAQA.