Frequently asked questions about financial services

A minimum of 6 months and a maximum of 12 months

There are 4 modules EXCLUDING fundaments (English, Second Language and Maths)

You need to have passed Grade 12 / matric with the following:

• English – 40% , E or 3
• Any 2nd South African Language – 40%, E or 3
• Maths, Maths Core or Maths Literacy – 40%, E or 3

You will need to complete the Study Schools through BRC for the subjects where you did not meet the requirements.

The legal agreement is intended to spell out the tasks and duties of the employer, the learner and the training provider. It is designed to ensure the quality of the training and to protect the interests of each party.

Employers can offer learnerships to their own employees (employed learnership) or can recruit unemployed people (unemployed learnership) for training. Current employees who are provided with learnerships are referred to as 18(1) learners. Unemployed people who are offered learnerships are known as 18(2) learners.

There are a number of reasons why employers should get involved in learnerships. They are a way to upskill people and people with more skill ultimately make better workers. Read more about the exciting benefits of a learnership by clicking here.

For most learnerships, the minimum entry requirement is a National Senior Certificate or National Certificate (Matric), but there may be more specific subject requirements such as competence in English and a second language at Matric level. Learnerships are available for young, unemployed people between the ages of 18 and 35. Only South African youth may be registered on an unemployed learnership. If you are unemployed, you can only participate in a learnership if an employer is prepared to provide the required work experience.

For most learnerships, the minimum entry requirement is a National Senior Certificate or National Certificate (Matric), but there may be more specific subject requirements such as competence in English and a second language at Matric level. Learnerships are available for employed individuals of any age. Foreign nationals may be registered on an employed learnership.

Level 1 examinations- deal with the laws that financial advisors and brokers need to know in order to render financial services and offer financial services to consumers. Once financial advisors have completed this exam they can apply their regulatory role and responsibilities when selling financial products and services to consumers with a full understanding of the laws involved.

Level 2 examinations – write product specific financial exams. The financial advisor or broker will only write an examination about the products he/she is allowed to sell.

Representatives write exam code RE5, while key individuals and sole proprietors write exam code RE1

The FSB has postponed these exams until another date can be determined.

The only valid CPD points which can be claimed at the moment, are those where one’s membership of a professional body is dependent on the attainment of certain requirements laid down by such a body. Achievement of the required points will only benefit one in terms of membership of such a body. The FSB has not as yet released any information in respect of CPD points for FAIS Fit and Proper Requirements.