SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION THAT HAS PASSED THE END DATE: 

Registered Financial Planner (RFP) 
SAQA QUAL ID QUALIFICATION TITLE
59234  Registered Financial Planner (RFP) 
ORIGINATOR
The Financial Planning Institute of South Africa 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
INSETA - Insurance Sector Education and Training Authority  OQSF - Occupational Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
National Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Level 5  Level TBA: Pre-2009 was L5  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Passed the End Date -
Status was "Reregistered" 		 SAQA 0480/09  2009-07-01  2012-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2013-06-30   2016-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:

This qualification is designed for the assessment of the professional competence of Financial Planners at an NQF Level 5. Typically such professionals would occupy jobs like:
  • Internal Broker Consultants.
  • Financial Planners.
  • Brokers.
  • Financial Advisors.
  • Wealth Managers.
  • Compliance officers.
  • Portfolio Managers.
  • Financial Consultants.
  • Tax Planners.
  • Actuaries.

    The results of a successful assessment are the awarding of the designation, Registered Financial Planner (RFP). This designation is not only recognised in South Africa, but is registered by the FPSB in the USA. This is the first level of professional recognition currently available for Financial Planners in South Africa.

    The RFP® professional designation indicates that a person is competent to assist clients to determine their financial priorities, providing sound advice as to appropriate financial products that meet clients' financial needs.

    Candidates successfully completing this professional qualification will be capable of:
  • Presenting recommendations for personal financial plans for clients.
  • Advising clients and presenting recommendations using the 6 step financial planning process.
  • Interpreting available information, financial products and resources in familiar contexts.
  • Applying fundamental knowledge of financial indicators, products and trends to develop suitable recommendations for financial plans for customers.
  • Interacting professionally with all clients, potential clients, peers and service providers.

    Rationale:

    Financial Planners are required to be declared "Fit and Proper" in terms of the Financial Advisory and Intermediary Services Act, (FAIS ACT). As professionals in a highly competitive field it is critical that individuals not only comply with the required legislation, but that they are also assessed in terms of their professional competence.

    The Financial Planning Institute of Southern Africa (FPI) plays a major role in establishing and maintaining professional Financial Planning standards in South Africa and in doing so issues Professional Qualifications that reflect these professional standards.

    The FPI has defined professional competence as situated at NQF Level 5. This competence describes academic (theoretical) as well as applied (practical) professional knowledge and skills required of an individual at NQF Level 5.

    Successful assessment against this professional qualification also requires that an individual:
  • Successfully complete an NQF Level 5 qualification or equivalent in the appropriate field.
  • Comply with FAIS requirements.
  • Comply with the FPI Code of Ethics.
  • Remain a paid up member of the FPI.

    To be awarded the designation of Registered Financial Planner and a licence to operate the person must:
  • Obtain this initial qualification which is awarded after successful completion of the required assessment.
  • Comply with the Code of Ethics.
  • Remain a paid up member of the FPI.
  • Fulfill the requirements for Continued Professional Development (CPD).

    Failure to comply with the above conditions will result in the person's name being removed from the register of professionals and the licence to practice not being renewed.

    The professionalisation of financial planners in South Africa rests on the internationally recognised "four E's" namely:
  • Education: this defines the complete body of knowledge that a financial planner is required to have mastered in order to access the assessment for awarding of the professional designation "RFP".
  • Examination: all Registered Financial Planners are required to demonstrate their professional competence through a competency based assessment that is aligned to international requirements, as determined by the FPSB.
  • Experience: a Registered Financial Planner is required to have an appropriate amount of workplace experience in order to assure the public that the professional understands the counselling and advisory nature of their role as financial planners.
  • Ethics and professional standards: all professionals wishing to be professionally certified need to subscribe to the Code of Ethics as prescribed by the FPI and aligned to the international code of ethics prescribed by the FPSB. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Candidates applying for assessment against this qualification would have completed an appropriate NQF Level 5 qualification such as the National Certificate: Financial Services: Wealth Management (NQF Level 5, NLRD 23973) or equivalent and be numerate and literate at NQF Level 5.

    It is therefore assumed that they will already be capable of:
  • Understanding the Wealth Management operating environment as a system within the Financial Services sector.
  • Applying essential methods, procedures and techniques of the Financial Services industry within the legislated environment.
  • Using their knowledge to solve well-defined problems that are both routine in nature and/or unfamiliar, within a familiar context in order to propose a financial solution.
  • Adjusting the application of a solution within relevant parameters to meet the identified needs of, or changes to, the problem or operating context when proposing a financial solution.
  • Evaluating the proposed change using relevant evidence.
  • Gathering, analysing, synthesising and evaluating information.
  • Manipulating and interpreting financial data and identifying trends.
  • Presenting a Wealth Management solution using technological skills.
  • Communicating information coherently in writing and verbally, through reliably using the basic conventions of a financial discourse.
  • Presenting an informed argument on a current financial issue.
  • Showing insight into current affairs in the Financial Services sector.

    A candidate will also need to have a working knowledge of the various pieces of legislation impacting on financial planning in South Africa and, where applicable, the world.

    Recognition of Prior Learning:

    Candidates are able to gain credits against the NQF Level 5 qualification that is required for entry to the assessments against the competencies described in this qualification. However, candidates cannot be RPL'd for this qualification as professional competence MUST be proved by means of a portfolio of evidence, the method commonly used for RPL assessments. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    The purpose of this qualification is simply to assess professional competence against the outcomes using the related assessment criteria. Candidates that are not yet competent are required to complete the remediation to fill any gaps that have been identified and then to apply for re-assessment in the timeframes indicated. This qualification can therefore only be achieved as a whole. 

    EXIT LEVEL OUTCOMES 
    Outcomes are assessed summatively through capstone activities:

    1. Present recommendations for personal financial plans for clients.

    2. Advise clients and present recommendations using the 6 step financial planning process.

    3. Interpret available information and financial products and resources in familiar contexts.

    4. Apply knowledge of financial indicators, products and trends to develop recommendations for suitable customized financial plans for clients.

    5. Interact professionally with all clients, potential clients, peers and service providers. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Recommendations are complete and meet industry standards and requirements.
  • Recommendations for financial plans address the needs voiced by the client, as well as needs identified by the Financial Planner during consultations with the client.
  • Plans are recommended for clients with similar profiles and preferences.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • The advisor is able to apply financial planning using the 6 step planning process.
  • The advisor's recommendations are made after completion of the 5 initial steps and a plan is recommended to the client for the implementation of step 6.
  • The process is complete and comprehensive, covering all aspects of the clients' requirements and voiced needs.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • The Financial Planner's knowledge of available information and financial products and -resources is fundamental and meets industry requirements.
  • Judgements reflect insight of the financial environment in which decisions are made and are objective.
  • Reasons can be given by the Financial Planner for the judgement made and takes into consideration various influencing factors and trends in the economic and financial environment.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Recommendations indicate that the Financial Planner can apply knowledge of financial indicators, products and trends to meet the clients' needs.
  • Recommendations demonstrate the Financial Planners understanding of the economic and financial environment in South Africa and the global market place.
  • Financial recommendations are based on comparative product offerings available in the market.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • Professional interaction is aligned to the professional code of conduct and upholds all the requirements stated therein.
  • Reports from clients, potential clients, peers and service providers indicate that the Financial Planner applies the codes of ethical and professional behaviours with consistency and over an extended period of time. 
    		•

    INTERNATIONAL COMPARABILITY 
    This qualification has been designed in relation to the certification standards used by the Financial Planning Standards Board in the USA. In their document "CFP Certification Standards" they state that "a CFP professional is required to":
  • Provide personal financial planning accurately and in the best interest of clients.
  • Advise clients and present recommendations across a broad range of financial disciplines.
  • Make sound judgements in ambiguous or complex situations.
  • Function effectively as a professional with clients', potential clients, peers and others.

    These competencies have been expanded and added to in order to develop the exit level outcomes for this qualification. 
    		•

    ARTICULATION OPTIONS 
    The designation awarded through successful completion of this route to professional recognition is the first level form of professional recognition available at present in South Africa. The nature of this qualification does not allow access to higher forms of traditional learning such as an NQF Level 6 qualification like a degree. 

    MODERATION OPTIONS 
    Moderators responsible for the moderation of this qualification must be registered with the INSETA and therefore meet their requirements for the registration of constituent moderators. 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    Although this professional qualification does not bear credits, it is critical that assessors wanting to assess candidates against this qualification are registered as constituent assessors with the INSETA and are Certified Financial Planners (CFP). 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2009. 

    NOTES 
    The board exam developed by the FPI and approved by the FPSB consists of a capstone assessment of the learning in the qualification that leads to the admission as a Registered Financial Planner.

    As affiliate to the FPSB, the FPI is required to assess competence in a manner that elicits proof of competence in all 5 areas described below:
  • Knowledge and understanding.
  • Practice Skills.
  • Cognitive and numeracy skills.
  • Communication skills.
  • Work skills.

    The ethics that need to be upheld by a Registered Financial Planner include:
  • Integrity.
  • Objectivity.
  • Competence.
  • Fairness.
  • Confidentiality.
  • Professionalism.
  • Diligence.

    The 6 step planning process is an internationally recognised and registered process and includes the following steps:
  • Establish and define the relationship with the client.
  • Gather client data.
  • Analyse and evaluate the client's financial status.
  • Develop and present financial planning recommendations.
  • Implement the financial planning recommendations.
  • Monitor the financial planning recommends.

    Although this qualification is awarded, an individual can only keep the licence to operate current by:
  • Complying with the code of ethics.
  • Meeting the CPD criteria as determined by the FPI.
  • Remaining a paid up member of the required professional bodies, namely the FPI and the FPSB. 
    		•

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.