Why Universal Training Academy

UTA has developed the Universal Financial Services Skills Programme, designed to give you a superior grasp on relevant industry knowledge, while also ensuring that you meet the requirements as set out in the Medical Schemes Act, Regulation 28(B).

As a broker (Financial Services Provider - FSP) in the health services arena, you are most probably well aware of the “fit and proper” requirements of the Financial and Intermediary Services Act (FAIS), as set out in the Financial Services Board Notice 106 of 2008. As per the Act, all financial services providers (FSPs) dealing in Health Service Benefits, approved as intermediaries or representatives between 30 September 2004 and 31 December 2007, must have completed the Health Category in accordance with Table E of the said Board Notice, which stipulates that FSPs require 60 credits at an appropriate NQF level 5 skills programme as at 31 December 2009. A total of 120 credits are required by December 2011.

PLEASE NOTE: In accordance with the Determination of Fit and Proper Requirements for Financial Services Providers (Board Notice 106 of 2008) the FSB has introduced the financial services industry to a new concept – “regulatory examinations”. These exams form part of the competence requirements for representatives, key individuals and sole proprietors. U.T.A. have developed a one – day workshop in order to prepare representatives to successfully pass the examinations.

Research has proven that despite high quality materials, written or electronic, a tutor help – line, and numerous self –test questions, students struggle without face to face interventions being provided. Throughput rates have increased significantly when students attend workshops in preparation of writing the exams. Our workshops will commence towards the 16 March 2011.

Following this, it is important to note that broker commissions are affected by the Medical Schemes Act, Regulation 28(B), which requires Financial Services Providers to meet the relevant “Fit and Proper” requirements, as determined by section 8(1) of the FAIS Act, with specific reference to qualification requirements. Non- compliance will result in non-payment of commission.

What is the Qualification?

UTA offers credits towards the National Certificate in Wealth Management SAQA* QUALID 6661 through the Universal Financial Services Skills Programme.

This qualification provides graduates with a solid foundation from which they can progress and develop further competencies. The qualification is appropriate for those individuals in industry sub-sectors who require status as FAIS compliant financial services providers, with specific reference to long-term insurance and short-term insurance including life benefits, medical schemes administration, servicing and sales.

*South African Qualifications Authority