Why You Should Register for the Retail or Short-Term Insurance Qualification Today

If you’re working in the financial service industry as a representative, or the motor dealer industry as a finance and insurance agent, you understand how important it is to remain compliant with the FAIS Act—especially when it comes to meeting your FAIS Fit and Proper Competency Requirements.

One of the key requirements is the completion of an FSCA-recognised qualification within six years from your Date of First Appointment (DOFA) on the Representative Register.

For many years, the Retail Insurance Qualification (NQF Level 4) has been the go-to choice for Finance and Insurance (F&I) Business Managers in the motor or retail sectors. Similarly, the Short-Term Insurance Qualification (NQF Level 4) has been ideal for representatives and advisors in the short-term insurance industry—whether you’re handling personal lines, commercial clients, or working in a call centre environment.

 The Phasing Out of Legacy Qualifications

These qualifications, now referred to as “legacy qualifications,” are being phased out and will soon be replaced by occupational qualifications under the authority of the Quality Council for Trades and Occupations (QCTO).

Originally, 30 June 2024 was set as the final deadline to register for these legacy qualifications. The intention was a full transition to the new QCTO qualifications by that date. However, due to delays in finalising the new qualifications and the industry not being fully ready, an extension has been granted on both these qualifications.

Although the shift to the QCTO qualification framework is still underway, you now have more time to register for the current legacy qualifications. These remain fully recognised by the FSCA for the relevant product categories in which short-term representatives and F&I agents operate.

Extension Granted – But It’s Not Permanent

While this extension offered a temporary reprieve for learners and training providers, it won’t last forever. No new official deadline has been set, but make no mistake—the window to register under the current qualification framework is closing quickly.

Why This Matters

If you’re working toward your Retail or Short-Term Insurance qualification and haven’t yet completed all your required credits, now is the time to act. Once these qualifications are fully phased out:

• You will no longer be able to register for legacy qualifications.
• You will have to enrol in the new QCTO qualifications, once available—which may come with different processes, added costs, and longer timeframes.

Which Qualification Should You Register For?

• Retail Insurance Qualification (NQF Level 4)
  Ideal if you’re a Finance and Insurance Agent in the motor dealer industry.
• Short-Term Insurance Qualification (NQF Level 4)
  Best suited for representatives and advisors working in the short-term insurance sector, including those in personal lines, commercial lines, or call centres.

Don’t Delay

If your DOFA deadline is approaching or you’re working towards FAIS Fit and Proper compliance, don’t wait. Register now to ensure you qualify under the current framework before the transition is complete.