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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: 

Certified Financial Planner (CFP) 
SAQA QUAL ID QUALIFICATION TITLE
59235  Certified Financial Planner (CFP) 
ORIGINATOR
The Financial Planning Institute of South Africa 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education 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 7  Level TBA: Pre-2009 was L7  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Passed the End Date -
Status was "Reregistered" 		 SAQA 06120/18  2018-07-01  2018-12-31 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2019-12-31   2022-12-31  

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 to develop and assess the professional competence of financial planners wishing to attain the designation Certified Financial Planner.

Typically such professionals would, amongst others, be:
  • Internal Broker Consultants.
  • Financial Planners.
  • Brokers.
  • Financial Advisors.
  • Wealth Managers.
  • Compliance officers.
  • Portfolio Managers.
  • Financial Consultants.
  • Tax Planners.
  • Actuaries.

    People successfully completing this qualification and proving competence during summative assessment are eligible for the awarding of the designation, Certified Financial Planner (CFP®). This designation is not only South African, but is registered by the FPSB in the USA. CFP® certification is the highest professional credential that a Financial Planner can achieve internationally as well as in South Africa.

    Learners successfully completing this professional qualification will be capable of:
  • Assessing a client portfolio in order to provide specialist financial planning advice using the 6 step planning process.
  • Integrating strategic knowledge of financial indicators, products and trends to provide financial plans for customers.
  • Providing strategic input into the effectiveness of financial plans subject to the ethical code of the profession.
  • Providing specialist advice and input at industry level.

    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 professionally competent and are able to demonstrate that competence to the general public and to their peers.

    The Financial Planning Institute of South 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, in collaboration with the Financial Planning Standards Boards (FPSB) in the USA, has defined professional competence related to the designation of Certified Financial Planner as being at NQF Level 7 on the National Qualifications Framework. The competencies include academic (theoretical knowledge) as well as applied practical and professional skills.

    The awarding of the designation Certified Financial Planner requires the person to:
  • Successfully complete an NQF Level 7 qualification or an equivalent in the appropriate field.
  • Comply with FAIS Act regulations.
  • Comply with the FPI Code of Ethics.
  • Remain a paid up member of the FPI.

    A licence to operate is issued every year, subject to the person complying with the requirements for the awarding of the designation Certified Financial Planner, as mentioned above, and fulfilling the requirements for continuous professional development (CPD). Failure to do so will result in the person's name being removed from the register of professionals and the licence of 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, skills, attitudes and values that a financial planner is required to have mastered in order to be awarded the professional designation Certified Financial Planner (CFP).
  • Examination: All Certified 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 Certified Financial Planner is required to have an appropriate workplace experience in order to assure the public that he/shel understands the counselling and advisory nature ofhis/her role as a financial planner.
  • Ethics and professional standards: All professionals wishing to be professionally certified need to subscribe to the code of ethics as prescribed by the FPI, which are aligned to the international code of ethics prescribed by the FPSB. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are already able to:
  • Apply essential financial planning expertise and knowledge in financial planning for the benefit of clients and society.
  • Establish a planner/client relationship by explaining concepts and services and client responsibilities-all within the parameters of professional conduct.
  • Assess a client profile, obtain documented personal information and determine the current financial status of a client.
  • Determine the financial goals (capital risk and investment needs) of a client.
  • Present a plan to a client for approval and agreement.
  • Implement, manage and monitor such plan within the ethical constraints of the profession, testing effectiveness and recommending change where necessary.

    It is assumed that learners have in-depth knowledge of the various pieces of legislation impacting on financial planning in South Africa and, where applicable, the world.

    Recognition of Prior Learning:

    Learners without a relevant NQF qualification required for admission to the qualification may subject themselves to a process of Recognition of Prior Learning (RPL) to prove competence in the required knowledge, skills, attitudes and values to gain access to the qualification.

    RPL cannot be used for the awarding of the qualification, as all learners are required to undergo the summative Board Assessment.

    Access to Qualification:

    Access to this qualification is open to any learner in possession of a relevant appropriate NQF Level 7 qualification. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This professional qualification does not consist of separate credit-bearing components and competence must be shown against all the Exit Level Outcomes and competencies as an integrated whole and not as separate entities.

    Learners that are not yet competent are required to do remediation to fill any gaps that have been identified and then to apply for re-assessment within the required timeframes. This qualification can therefore only be achieved as a whole. 

    EXIT LEVEL OUTCOMES 
    Outcomes are assessed summatively through capstone activities.

    1. Assess the client portfolio in order to provide specialist financial planning advice using the 6 step planning process.
  • Range: The 6 step planning process is an internationally recognised and registered process that 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.

    2. Integrate strategic knowledge of financial indicators, products and trends to provide financial plans for customers in ambiguous or complex situations.

    3. Provide strategic input into the effectiveness of financial plans subject to the ethical code of the profession.
  • Range: The ethics that need to be upheld by a Certified Financial Planner include:
    > Integrity.
    > Objectivity.
    > Competence.
    > Fairness.
    > Confidentiality.
    > Professionalism.
    > Diligence.

    4. Provide specialist advice and input regarding financial planning at industry level. 
    		•

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Financial plans are completed and meet industry standards and requirements.
  • Financial plans are drawn up to address the needs voiced by the client, as well as needs identified by the financial planner during consultations with the client.
  • A variety of plans are drawn up for clients with completely different profiles and preferences.
  • The advisor's recommendations are made after completion of the 5 initial steps and a plan is agreed with the client for the implementation of step 6.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • The knowledge of available information on financial products and financial resources required by a financial planner is demonstrated to be broad, deep and meets industry requirements.
  • Decisive and objective judgements are made that are strategic and reflect a deep knowledge of the financial environment in which the decisions are made.
  • Reasons are given by the financial planner for the judgement made which takes into consideration various influencing factors and trends in the economic and financial environment.

    Associated Assessment Criteria for Exit Level Outcome3:
  • Professional interaction is aligned to the professional code of conduct and upholds all the requirements stated therein.
  • Indications are received in reports from clients, potential clients, peers and service providers that the financial planner applies the codes of ethical and professional behaviours with consistency and over an extended period of time.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Integrated knowledge of financial indicators, products and trends required by financial planners to meet the clients' needs and provide input at industry level is demonstrated.
  • Deep understanding of the economic and financial environment in South Africa and the global market place is demonstrated by the financial planner.
  • Advice is provided that is complete and comprehensive, covering all aspects of the clients' requirements and voiced needs.
  • Mentoring is provided to Trainee Financial planners.

    Integrated Assessment:

    As required by the FPSB, assessment of the learners' competence in the outcomes of this qualification is done in any integrated manner that elicits proof of competence in the following 5 areas:
  • Knowledge and understanding.
  • Practice Skills.
  • Cognitive and numeracy skills.
  • Communication skills.
  • Work skills.

    Assessment will be done to determine that the 6 step planning process is understood and can be successfully applied and that the ethics required of a Certified Financial Planner are complied with on an on-going and consistent basis.

    Summative assessment will be done by means of a Board Assessment developed by the FPI and approved by the FPSB consisting of 4 separate written examination papers. 
    		•

    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.

    The Exit Level Outcomes for this qualification have been developed to meet those standards and competencies. 
    		•

    ARTICULATION OPTIONS 
    The designation awarded through successful completion of this qualification, namely Certified Financial Planner, is the highest 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 at NQF Level 8 such as a doctorate. 

    MODERATION OPTIONS 
    Moderation of assessment for the awarding of this qualification will be done by an ETQA with whom the Financial Planning Institute has the required Memorandum of Understanding. Moderators responsible for the moderation of this qualification must be registered as assessors with the relevant ETQA. 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    Assessors for this qualification are required to be:
  • Registered as assessors with the relevant ETQA with whom the Financial Planning Institute has the required Memorandum of Understanding.
  • Certified Financial Planners (CFP). 
    		•

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2009; 2012; 2015. 

    NOTES 
    Although learners may be awarded this qualification 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.
     
    1. The Financial Planning Institute of South Africa 


    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.