The document discusses challenges in addressing the skills shortage in financial services in South Africa, including a lack of consistent qualifications and credits and some firms taking easy shortcuts instead of proper recognition of prior learning. It notes that many resignations in the sector came from employees fed up with constant exams, and unable to meet compliance requirements. To effectively develop skills, the document advocates for accredited, externally moderated programs compliant with Financial Sector Conduct Authority that also plan for future skills needs through recruitment, training, and coaching focused on knowledge, comprehension, application and analysis. It inquires about available financial initiatives to support skills development.

1. Omni HR Consulting (Pty) Ltd ©
FAIS Skills Pipelines
How to address the skills shortage
sustainable.

2. Omni HR Consulting (Pty) Ltd ©
Financial Advisory and
Intermediary Services Act, 37 of
2002 (‘FAIS Act’).

3. Omni HR Consulting (Pty) Ltd ©
What are the challenges?
• Qualifications and credits are haphazard
• Lack of consistency
• Easy way out?
 Cheapest options
 RPL when not really RPL

4. Omni HR Consulting (Pty) Ltd ©
“A majority of the resignations came from employees
who were simply fed up with having to take exams at
this stage of their lives and were unable to meet the
compliance requirements in passing exams,” says
Adeline Singh, manager of the Skills Planning, Research
and Development division at InSeta, who co-ordinated
the research.

5. Omni HR Consulting (Pty) Ltd ©
What is critical?
• Accredited programmes
• Externally moderated
• FSB compliant programme
• Quality provision
• PLANNING for SKILLS requirements

6. Omni HR Consulting (Pty) Ltd ©
What we need to consider when
recruiting, training and coaching
• Recall of factual knowledgeKnowledge
• Understanding and Interpreting of factual knowledge and
comprehensionComprehension
• Test ability to apply factual knowledge to real life
situationsApplication
• Test the ability to analyse factual knowledge presented in
a situation and to decide on the best action to be takenAnalysis

7. Omni HR Consulting (Pty) Ltd ©
What financial initiatives are
available?

8. Omni HR Consulting (Pty) Ltd ©
thank you