How do I register as a Financial Services Provider?

Simply click on the FSB website link (below) ; in the top right hand corner you will find a FAIS block; click on this and follow the prompts listed.

We don’t have a compliance officer, is this acceptable?

The FSB has very specific requirements about the necessity for a Compliance Officer and the required qualifications. Please click on the CMSYS link below for further information.

How do I check my qualifications on the National Learner Record Database (NLRD)?

Send an e-mail to verifications@saqa.org.za with your full name and National Identification number and you will receive a transcript of all your enrolments and achievements that are registered.

How can I check Alcari has loaded my competent status/credits with INSETA?

On the left hand side of the INSETA website (link below) you will find a label “learner information” ; click on this and follow the promts.

Does the FSB keep a record of the number of credits that a KI or REP has obtained?

The FSB does not keep the register of credits or qualifications. They do note on their system whether the KI or REP meets the ‘Fit and Proper” competency requirements. Those that are required to study further are approved conditionally

If I sell more than one financial product (for example Short Term and Long Term), am I required to have two separate qualifications to be fully compliant?

You need only obtain one qualification, provided that the qualification in question is at the highest NQF level required according to the FSB prescribed list/tables and satisfies the minimum credit requirement

I do not have a formal qualification, but I have extensive experience in the financial services industry. Can my experience not be equated to a qualification?

The FAIS Act is very clear on qualification and experience. These are the two requirements that are separate from each other and thus cannot substitute each other. A person with extensive experience but no formal qualification can undergo a Recognition of Prior Learning (RPL) assessment where the experience is tested and if successful a formal qualification is awarded

I am the Key Individual for two FSP’s. Am I required to send two separate notifications to the FSB informing them of my completed qualifications?

Yes. You need to submit proof of qualification on each individual licence and ensure the licence number is clearly stated on all correspondence.

How do I apply for an extension on my Portfolio Assessment due date?

Simply send an e-mail request to our offices, giving the reason for the extension request and a new expected date for final submission.

I have already received a competent ‘statement of results’ for a few credits from another Training Provider. If I register with Alcari, will I have to repeat the same unit standards again?

No, we are able to customize our training to your specific needs. It is important, however, for you to ensure that the training provider UPLOADED your competent status as per your achievements.

When is your next course?

Our courses are offered on a monthly basis Nationally. Please complete a booking form and our offices will contact you immediately with dates, time and venues.

Who can I talk to if I have any compliance queries?

All compliance queries can be answered through clicking on the cmsys link below.

What is a section 13 certificate?

This is a letter from your employer (a registered FSP) authorizing you (the KI or REP) to operate on its behalf.

I have been told I have to have IGF cover, what is this and why do I need it?

IGF = The Intermediaries Guarantee Facility. This is a facility set up by the short term Insurance Industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act.
You need to have an IGF guarantee, as according to this “Act, a short term insurer may not authorise a person in writing to act as an independent intermediary, to receive, hold or in any other manner deal with premiums payable to it under short term policies, unless that person has provided security in terms of the Regulations Part 4 and Section 45 of the Short Term Insurance Act, 1998”.
The FSB monitors compliance with this requirement on the annual compliance report and failure to hold this guarantee will lead to a fine.
For further information and tailor made solutions please click on the cmsys link below.

I hear everyone talking about CPD training, is this something new? How does it apply to me?

Board Notice 103 of 2008 (determination of continuous professional development requirements – gov. gazette 31514, 15 October 2008) refers:
CPD is applicable to all FSP’s (who are sole providers); key individuals and representatives. It means a process of learning and development ensuring the maintenance of professional capabilities within ones registered category.
The approved /verified programmes and activities include, but are not limited to, courses, conferences and seminars; studies leading to formal assessments; workshops.
For more information, use the FSB link below.

Do you offer NCA Training?

No, Alcari only offers ‘unit standard based’ training and accreditation.

What happens if a do not have a matric certificate?

It is important, first of all, to understand the relevance of the matric certificate. Every qualification has compulsory FUNDAMENTAL unit standards that cover the need to read and write a certain level as well as mathematical and financial literacy.
The current FSB “fit and proper “ requirement is either 30 or 60 credits according to your licence and product category. It does however encourage all persons working within the financial services sector to work toward a full qualification. Should you wish to obtain a full qualification you must approach your training provider to ascertain if they have the ability to offer these fundamental unit standards.

I have my certificate for MSIS (phase one) – why do I have to do phase 1(b)?

(please read this question together with the one above)
When Alcari developed the first training programme INSETA was offering a time constraint ‘matric’ concession for all students that could show mathematics, a first and second language with defined a pass rate. MSIS (phase one) catered for this concession, allowing students credibility against this concession as well as a further 10 credits that would count for FAIS purposes. Subsequent to this, it has been agreed that no time constraints will be levied against the submission of the matric certificate. A registered skills programme, Phase 1 (b) recognises your 10 credits and offers a further 20 credits during a one day course. By having the MSIS (phase one) and completing our RPL_SP1 (b) you have the fundamentals required for a full qualification.

How many phases are there?

Every training provider will register skills programmes with a different selection of combined unit standards. Should you complete your studies through Alcari you will need to successfully complete all three phases in order to achieve the required 120/150 credits for a registered qualification.