In the motor dealer industry, Finance, and Insurance agents (F&Is) play a crucial role. They work closely with major banks to negotiate finance agreements, ensuring their clients secure the best deals when purchasing new vehicles. Additionally, F&Is provide valuable guidance on insurance options and other value-added products to guarantee comprehensive coverage for their customers’ new vehicles.

To excel as an F&I, you’ll need to be multi-skilled, professional, organized, and possess in-depth product knowledge. Being fluent in English and another language is advantageous, and having a knack for Mathematics is beneficial too. F&I’s interact with major banks, offer insurance advice to customers, and hold meetings with sales executives and car dealership management to provide regular feedback and reports.

Now, let’s take a moment to reflect on a few questions:

1. Do you see yourself as self-motivated, organized, and hardworking?
2. Do you enjoy working with people?
3. Are you seeking a professional career with abundant growth opportunities?
4. Would you thrive in a dynamic environment with excellent earning potential?

If you answered “yes” to these questions, the F&I industry might just be the perfect fit for you!

Now, let’s explore the key roles of an F&I within the motor dealer industry:

The “F” in F&I stands for finance, while the “I” represents insurance.

In the finance role, F&Is act as agents for credit providers (or banks). They sign finance agreements on behalf of the credit provider, ensuring compliance with the National Credit Act. This responsibility carries significant liability for the credit provider.

In the insurance role, F&Is are appointed by authorized financial services providers. They act as registered representatives, selling insurance products and offering financial services on behalf of these providers. They adhere to the provisions of the FAIS Legislation. It’s important to note that some value-added products fall under the FAIS Act, while others do not.

Let’s discuss the journey to becoming an F&I:

1. National Credit Act (NCA) examination and NCA card:

To kickstart the “finance” part of the job, you’ll need to pass the NCA examination and obtain an NCA card.

2. “Fit and proper” requirements according to the Financial Advisory and Intermediary Services Act (FAIS Act):

For the “insurance” aspect of the job, you must meet the “fit and proper” criteria outlined in the FAIS Act. This involves demonstrating honesty, integrity, and compliance with specific competency requirements. Additionally, you need to have relevant experience in the insurance industry. To maintain your competency, you’ll be required to complete a certain number of Continuous Professional Development (CPD) points each year.

At FAIS Forward Academy, we specialize in providing the training you need to become an F&I. Our training courses and programs include:

– National Credit Act (NCA) workshop and Institute of Bankers (IOB) examination: The NCA examination is available as an online learning program, eliminating the need for travel. For larger groups, we conduct a half-day workshop followed by the IOB exam in the afternoon.

– Class of Business Training (CoB): This training covers product-specific and generic training. You’ll learn about the various classes of business and gain practical experience while working under supervision at a dealership. Class of Business Training is a compulsory component of the FAIS Fit and Proper Requirements.

– Regulatory Examination for Representatives (RE5): To become an F&I, you’ll need to pass the RE5. Our training program covers the content specified in Board Notice 194 of 2017, and we offer proven study techniques and tips. To write the exam, you must register through the FSCA approved examination body, Moonstone.

– FETC Retail Insurance Qualification (RIQ) – FAIS 1, 2 and 3 and Fundamentals: FAIS Forward Academy is an accredited INSETA training provider, offering the FETC Retail Insurance Qualification recognized by the FSCA. The duration of the qualification ranges from 12 to 18 months, depending on your available study time.

We adopt a blended-learning approach for our training programs. This approach combines interactive self-study on our e-learning portal with monthly tutorial sessions conducted via Zoom or Teams. The flexibility of blended learning allows you to tailor your training schedule according to your needs. It’s particularly beneficial for learners in remote areas, where regular workshops may not be available, such as the Northern Cape and Mpumalanga.

If you’re ready to embark on an exciting career in the F&I industry, FAIS Forward Academy is here to support you every step of the way.