Enrolment Deadline for the Retail and Short-Term Insurance Qualifications Is Fast Approaching
The South African skills development landscape continues to evolve as the Quality Council for Trades and Occupations (QCTO) gradually replaces many of the older “legacy” qualifications with new Occupational Qualifications.
While many qualifications within the financial services sector have already been replaced by Occupational Qualifications, the industry is still awaiting the final registration and implementation of the replacement for the Retail Insurance and Short-Term Insurance Qualifications on NQF Level 4. These qualifications remain the preferred entry-level qualifications for F&I professionals and Short-Term Insurance representatives operating within the financial services environment and who needs FAIS Credits. Although there is excitement around the new qualifications currently in development, uncertainty still exists regarding the final registration timelines, implementation process, and transitional arrangements for learners and employers.
For this reason, the current Retail Insurance and Short-Term Insurance qualifications remain highly relevant, particularly for individuals who still need to complete outstanding FAIS credits and obtain a recognised qualification for FAIS Fit and Proper purposes, linked to their DOFA requirements.
The Retail Insurance qualification is particularly popular within the motor industry and is often completed by F&I professionals (Finance and Insurance Managers) who operate within dealerships and assist clients with vehicle finance and insurance products.
The Short-Term Insurance qualification, on the other hand, remains an excellent entry point for individuals pursuing a career within the short-term insurance industry, including personal and commercial lines insurance environments.
The industry previously received an extension beyond the original 30 June 2024 cut-off date while replacement qualifications were still under development. While there is hope that additional transitional arrangements may still be considered, there is currently no certainty regarding any further extension and the current enrolment deadline for these qualifications remains 30 June 2026.
For many representatives, particularly those whose DOFA deadlines may be approaching, or those who still require FAIS credits waiting for complete certainty around the replacement qualifications could potentially create unnecessary risk and pressure later on.
What Should You Do If You Still Need to Meet the FAIS Fit and Proper Qualification Requirements?
- Check Your DOFA Date
Remember that representatives have six years from their Date of First Appointment (DOFA) to comply with the qualification component of the FAIS Fit and Proper competency requirements.
- Determine Whether the Qualification Meets Your Requirements
Check whether the Retail Insurance or Short-Term Insurance qualification would satisfy the qualification requirements applicable to your product categories and role within the industry.
- Check Whether You Already Have Existing FAIS Credits
If you previously completed FAIS-related unit standards or skills programmes, it may not be necessary to complete the entire qualification. A mapping process can identify which credits you already hold and which unit standards are still outstanding.
- Plan Ahead if You Are New to the Industry
If you are newly appointed within the industry and intend to complete one of these qualifications within the next 18 to 24 months, it is important to plan ahead and ensure that you enrol before the current enrolment cut-off date.
For individuals who still need to complete the Retail or Short-Term Insurance qualifications, the months leading up to the current enrolment deadline of 30 June 2026 may prove to be an important opportunity to secure access to these programmes while they remain available.
Contact us today to find out how we can assist you with enrolment for the Retail or Short-Term Insurance Qualification, or to conduct a mapping of your outstanding FAIS credits on WhatsApp 066 253 6464 or email info@faisforwardacademy.co.za.